The biggest fall was in vehicles aged under two years.

During the same period the average age of all LCVs sold increased from 59.1 to 60.5 months.

The average value of LCVs sold through auction dropped by 4% to £4500 between October and November to put a halt to a run of three consecutive monthly rises previously.

Conversion rates also slipped back 4% to 77% month-on-month.

Alex Wright, chairman of the NAMA Commercial Vehicle Group, said: “A fall in November vehicle values was disappointing and slightly surprising set against the decline in volume which could have been expected to bolster values through stock shortages.    However, buyers appear to have become slightly more cautious hindered by the less than inspiring stock available to buy.  The change in the market though should be read more as a stutter than a fundamental correction to the market.”