November market report, which provides a detailed overview of current conditions across the UK and European used agriculture and construction equipment markets.

Overall, the data confirms what we are seeing across the industry and in wider market commentary. The market is normalising rather than weakening, with demand continuing but becoming more selective and increasingly price-aware.

November Market Overview

United Kingdom

In the UK, inventory levels remain constrained, particularly across heavy-duty plant equipment, where stock levels are significantly lower year on year. This reflects contractors holding on to assets for longer and cautious replacement cycles, rather than a lack of demand. Pricing has softened modestly, but asking and auction values remain broadly stable month on month, indicating a functioning and rational market.

For tractors, inventory increased slightly month on month but remains well below last year’s levels overall. Values are trending sideways, supported by limited availability and steady underlying demand.

Europe

Across Europe, tractor inventory levels are materially higher than last year, resulting in a more competitive and price-led environment. Asking and auction values continue to face pressure as buyers have greater choice. In contrast, heavy construction equipment inventory is lower year on year, but values are easing faster than in the UK, reflecting cautious purchasing behaviour and increased competition between sellers.

Alignment With Wider Market Conditions

The November data is consistent with broader industry and economic signals:

• Higher interest rates continue to drive price sensitivity rather than inactivity
• Contractors and dealers are prioritising utilisation, ROI and stock quality
• There is no evidence of forced selling or market distress
• Auction values broadly tracking asking values point to controlled price discovery
• Export markets remain active, supported by regional pricing differences

This reflects a mature correction phase following previous market highs, not a downturn.

Key Market Data Summary

United Kingdom – Used Tractors (40 Horsepower and Greater)

• Inventory increased 2.72% month on month and is trending sideways
• Inventory remains 39.94% lower year on year
• Asking values increased 0.84% MoM, down 7.94% YoY, trending sideways
• Auction values increased 1.51% MoM, down 6.95% YoY, trending sideways

United Kingdom – Used Heavy-Duty Plant Equipment

• Inventory decreased 6.43% MoM and 27.11% YoY, trending down
• Asking values decreased 2.3% MoM and 6.8% YoY, trending down
• Auction values decreased 2.94% MoM and 5.09% YoY, trending down

Europe – Used Tractors (40 Horsepower and Greater)

• Inventory increased 13.62% MoM and 51.3% YoY, trending upwards
• Asking values decreased 0.22% MoM and 12.28% YoY, trending sideways
• Auction values increased 1.32% MoM, down 10.98% YoY, trending down

Europe – Used Heavy-Duty Construction Equipment

• Inventory decreased 0.64% MoM and 18.66% YoY, trending sideways
• Asking values decreased 3.76% MoM and 8.87% YoY, trending down
• Auction values decreased 4.06% MoM and 2.59% YoY, trending down

Practical Guidance for Q1 2026

Q1 2026 is shaping up to be a selective but opportunity-led period.

Early visibility matters
Enquiry levels typically rise in Q1 as budgets reset and projects restart.

Price to today’s market
Buyers are well informed and disciplined. Accurate pricing early in Q1 typically results in faster turnover and stronger outcomes than holding out for historic pricing.

Presentation is a differentiator
Clean, well-photographed and clearly described stock consistently outperforms average listings in both enquiry volume and speed to sale.

Export remains an opportunity
Differences between UK and European supply continue to support cross-border and export demand, particularly for value-driven markets.

Avoid a “wait and see” approach
The data does not support a downturn narrative. Dealers who remain proactive in Q1 often gain momentum that carries through into Q2 and Q3.

Outlook

This is a market where well-positioned stock continues to transact, while poorly priced or poorly presented inventory takes longer to move. Dealers who take advantage of Q1 visibility and correct positioning are best placed to benefit as confidence builds later in the year.