Strong demand from businesses and the ongoing shortage of good quality stock pushed up average used van values to above £5000 for the first time in August, according to BCA.

Record values were achieved in the fleet and lease and dealer part-exchange sectors, while nearly-new values were the second highest on record.

The auction house confirmed a further 2.8% rise in September to £5158 with the expected seasonal increase in retail activity.

The average August sale price of £5013 represented a 5% month-on-month rise. Average age remained 58.5 months, although average mileage fell to 80,600, following three consecutive monthly increases. Year-on-year values remained well ahead, up by £938 – a 23% uplift over the twelve month period.

BCA’s general manager Duncan Ward said the lack of good quality retail stock was the key factor driving the market.

“There is plenty of competition for the best examples,” he said.

“Demand has been right across the board during August, from older higher mileage vans through to younger ex-fleet and lease vehicles, while the few late-plate light commercials on offer can make exceptional values.”

Values in the fleet and lease sector grew by £432 month-on-month in August to a new record value £6214.

Performance against CAP improved by two points to 102.99%, but retained value against Manufacturer Recommended Price fell back half a point to 36.12%. August recorded the largest ever year-on-year value differential in the fleet and lease sector, up by £1,370 (28.2%) compared to the same month in 2012.

Part-exchange van values also reached record levels, rising by 4.6% from July to £3418 – a 22.7% jump year-on-year.

Values in the low volume nearly-new sector climbed 12.8% month-on-month to £14,461.