The National Association of Motor Auctions expects the market to “remain stable” after first time conversion rates increased by 3.8% in July.

First time conversion rates reached 79.2%, up 3.8% from June – up 3.2% on July 2016 – as the average selling value decreased 0.6% from £5,392 to £5,361.

The average mileage of a vehicle sold at auction rose by 1.3% to 64,916, ending a four month decline, meanwhile, with a first time premium of £66, which is down by £29 (30.5%) on June’s figure.

Louise Wallis, Head of NAMA, said: “It is positive to see that auction activity strengthened further in July. 

“First time conversion rates were just below where they were in January at 79.2% - coming in significantly better than the same period last year.

“Increased demand from trade buyers led to hammer prices bouncing back from where they were over the last quarter, with strong prices achieved for stock in the best conditions.

“We anticipate the market to remain stable and look forward to seeing what the coming months bring.”

“First time conversion rates were just below where they were in January at 79.2% - coming in significantly better than the same period last year.

“Increased demand from trade buyers led to hammer prices bouncing back from where they were over the last quarter, with strong prices achieved for stock in the best conditions.

“We anticipate the market to remain stable and look forward to seeing what the coming months bring.”