Used light commercial values have continued to climb as volumes fall back, according to a report by the National Association of Motor Auctions (NAMA).

It found that in May, average used LCV auction sales increased by an average of 5.1%, increasing from £4685 in April to £4924. Year-on-year values are up by 14%.

At the same time there was a squeeze on supply, with a 9% volume drop, despite an industry expectation that an increase in new vehicle sales would lead to increased availability of used vans as older vehicles were displaced.

The average age of vehicles going under the hammer was just over five and a half years, with an average mileage of just under 82,000 miles.

NAMA commercial vehicle group chairman Alex Wright suggested that prevailing market conditions could mean that current used prices may represent a high point this year.

“Despite the prospect of lower price levels over the next couple of months, conversion rates should hold firm, which will position LCV wholesalers to take full advantage of any autumn uplift,” he said.