October figures published by The National Association of Motor Auctions (NAMA) have shown the average price of used cars sold at auction increased from £4,624 to £4,724, the equivalent to a 2.2% increase between September and October.
The figures follow those by Manheim Auctions which have shown a record high for part exchange selling price at auction.
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The increase in prices was thanks to a large increase in quality cars less than 30 months old sold at auction during October, with a month-on-month decline in values for vehicles over that age.
Although overall market conditions were considered stable for October, the report does not show the overall slowing of the auction market over the last week in October and first week of November, with Mike Pilkington, NAMA vice chairman, noting "the pace of the auction market began to slow at the beginning of November with prices in the Fleet sector falling 4%.
"NAMA believe that during November the underlying stock shortages that are a continuing feature of the long term market will become evident once again."
NAMA has also recently suggested a unified grading system at auction as a way of simplifying pricing and aiding the process.
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By GlobalData
