Used LCV values reached the second highest point on record during September, while fleet and dealer values were the highest ever, according to auction firm BCA.

The overall average for all LCVs was £7,568 – an increase of £388, or 5.4%, month-on-month, and £1,007 (15.1%) year-on-year.

The fleet and lease LCV average was £8,517 – a month-on-month increase of £382 (4.7%) and a year-on-year rise of £1,026 (12.6%) year-on-year, with retained value against manufacturer recommended price rising by a percentage point to 40.99%.

Average part-exchange values rose to £4,628, up by £253 (5.7%) month-on-month.

Year-on-year the figure was up by £269 (6.1%), despite both comparative age and mileage increasing, the latter by more than 12,000 miles.

In the small nearly-new segment values were at £15,622, a £111 (0.7%) fall month-on-month, but a  £986 (6.7%) rise year-on-year.

BCA COO for UK remarketing Stuart Pearson said: “The LCV market at BCA has seen continued value and volume growth throughout 2018, with values currently 15% ahead of where they were last year.

‘BCA offered increased volumes of stock during September and demand from buyers was strong across the board, with corporate vendors enjoying excellent conversion rates and average values rising to a new record high.

“Dealer part-exchange values also climbed sharply to record levels as buyers competed strongly for stock. 

“The rise in average values for part-exchange LCVs over the past 12 months is significant when you take into consideration the mileage increase.”