Last month witnessed a significant increase in used car values across the UK, new data published by British Car Auctions (BCA) has revealed.

According to the organisation's figures for November, average values for purchases in the sector reached their highest monthly level since the company began reporting on the used car industry in 2005.

The month witnessed a 4.3 per cent increase in average valuations from October to £7,489 – up £315 – while annually this represents growth of 16.1 per cent (£1,038) from November 2012.

Average mileage for models purchased across the used car sector fell over the 12 months by 2,500 miles to just over 56,000 on the clock for November this year, while the average age of vehicles coming to the market has also diminished across the year, down by more than one month to 60.3.

Simon Henstock, BCA UK operations director, commented: "Buyers were out in force in November acquiring stock and BCA recorded some exceptional results. 

"Professional buyers will no doubt remember that average values rose very sharply last December due to the shorter trading month and ongoing dearth of retail-quality stock, so there was an element of 'getting ahead of the game'."

He added 4×4 models in particular continue to undergo a seasonal uplift in demand, with average values reaching £14,144 last month – up £280.

Overall, average values by sector all rose in November, with nearly-new models leading the way with growth from £20,288 to £21,433. Meanwhile, part-exchange models saw an increase from £9,138 to £9,301 on average and fleet/lease vehicles rose marginally from £3,840 to £3,857.

Mr Henstock concluded that seasonal variations in value are commonplace in the used car industry, as buyers look to carry out purchases head of the new year. He forecast that ongoing valuation evolution in the segment means demand is likely to peak over the coming months.

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