The average value of used LCVs rose by £113 to a new high of £6,764 in October compared to September, according to the BCA Commercial Pulse – year-on-year values were ahead by £386 (6%).

BCA said growth in values of stock coming to auction from the fleet and lease and dealer part-exchange sectors had driven the month-on-month increase but added that the gap between prices paid for the best specified and presented stock and hard-worked or base specification examples had widened.

Average age and mileage continued to fall – a reflection of the growing share of corporate stock sold coupled with higher numbers of younger rental models coming to market, BCA said.

Fleet and lease values grew 3.9% month-on-month to £7,784, part-exchange values were up 1.2% to £4,415 and nearly-new values reached £15,627 – a rise of 6.8% compared to September.

Looking forward to the festive season, BCA’s LCV operations director Duncan Ward said: “The approaching Christmas period is creating pockets of demand for large volume vans suitable for delivery work.”

He said scarcity of stock continued to push up demand for tippers, dropsides and Lutons and added demand for used vehicles to service online shopping, small businesses and construction remained steady – despite a decline in the construction industry reported in a survey by HIS Markit.