According to the report, during March the average values of used LCVs at auction across the board decreased by -1.0% from £4,844 to £4,794 between February and March.
Although March posted an average price reduction of £50, in view of the 7.2% growth in volume coupled to the typical age of an LCV increasing by two months, NAMA believes this should be acknowledged as a good outcome.
With the proportion of lots selling at the first time of being offered rising to 82%, and other metrics each continuing to move in the right direction, the company says the outlook remains bright.
The average number of days that LCVs remained on site fell to 12.4, and the average mileage was 83,123 miles.
For the youngest stock, the lift in price was especially marked (+9.3%) which directly relates to the short supply. With the exception of nearly new LCVs, volumes rose across all age bands.
Alex Wright, chairman of NAMA Commercial Vehicle Group, commented: 'For a marketplace eager to hear good news, the first quarter of 2014 could hardly have delivered more. The question now is if this will continue its upward trend or has 2014 reached its peak?
'We anticipate that with the UK’s economy proving to be surprisingly robust and predicted to grow by around 3% over each of the next couple of years, it’s clear that there will be a continuing need for good used LCVs.
'The big concern would arise if supply were to significantly exceed demand, yet with no sign of such an impending imbalance at the present time an imminent fall in LCV prices would appear unlikely,' he added.