The average value of used commercial vehicles rose by 3.6% to £4,224 in September compared to August, according to a report by British Car Auctions (BCA).

The average age of commercial vehicles fell slightly to just under 58 months, although the average mileage increased to nearly 79,000. Average dealer part-exchange values also reached record levels.

Duncan Ward, BCA's general manager – commercial vehicles, said: "The market bounced back in September following the quieter summer period. Much of this improvement is seasonally driven as trade buying activity rises to meet the needs of small businesses that often look to change their vehicles in the autumn months.

"However, we are yet to see any significant uplift in vans from corporate fleet sources and demand is still outstripping supply, which is keeping values firm. Many buyers are looking at older, higher mileage vehicles if they are in good condition and, as a direct consequence, we have seen values rise in the dealer part- exchange sector, while demand for the very few late year, low mileage LCV’s remains intense. Even so, we expect to see some pressure on values as volumes rise in the wholesale sector and retail demand softens in the run-up to the year end."