Average used LCV prices hit a new record high at the end of May, according to auction firm Aston Barclay.

It said the new average of £9,057 ­– an 8.3% increase compared with Q1 ­– was helped by a fall in the average mileage of vehicles sold, from 104,000 miles to 94,783 miles, while average age remained at 64 months. 

Aston Barclay said the last time prices were at record levels was in Q3 2021, when the market was coming out of a pandemic-induced lockdown.

Aston Barclay national LCV sales manager Geoff Flood said it appeared five consecutive months of rising new LCV sales were starting to be reflected in a rise in used volumes.

He said: “Used LCV market demand remains strong which is reflected in record prices, but the most interesting trend is that volumes are gradually increasing in line with better new vehicle supply and growing sales.

“Year-on-year new LCV sales have grown by 14.7% and the word from dealers is that availability is starting to improve with vehicles often turning up ahead of schedule. It is helping to contribute to larger weekly LCV sales across the group from multiple vendors.

“The summer is traditionally when the used LCV market slows down but with fuel prices and inflation falling the appetite from SMEs to replace their aging vehicles looks likely to continue. This may cause prices to fall back slightly, but signals more new stock coming into the market.”