Prospective Sellers Should Be Reassured by 82%, £27.3m Allsop Residential Result

Allsop Residential held its October sale last week (27th) and raised over £27.3m from the sale of 173 lots. This represents a success rate of 82%.

The sale opened with the ballroom of the Park Lane Hotel in London's Piccadilly filled to capacity. Bidding was enthusiastic from the start with many regulars remarking that figures had quickly exceeded their expectations. Many expressed frustration that auction prices on the day often outperformed those established by private treaty for similar property.

Central and greater London lots attracted strong interest prior to the sale with attendances at viewing days reaching particularly high levels. Competition for unmodernised vacant houses and flats in better London postcodes were once again highly sought after.

A survey of buyers conducted by Allsop on the day showed that 75% were cash buyers with the remaining 25% reliant upon some degree of finance.

Commenting after the sale, auctioneer and partner, Gary Murphy said

 “Once again we were delighted with our success rate which has outperformed the market. Our survey results indicate a continuing and sustained demand for residential stock which is not wholly dependent upon borrowings.”

 He continued

 "Ours was a smaller catalogue than usual and this appears to be typical of a trend experienced across all residential and commercial auction rooms in recent months. We attribute this partly to a reluctance on the part of sellers to dispose of stock in an uncertain economic climate exacerbated by fears of instability in the Eurozone. The prices achieved and enthusiasm of buyers in the room should, however, be seen as reassuring.”

REGIONAL ANALYSIS (ALL LOTS)
Regions	Lots Offered	Lots Sold	Total Raised	% Success	Av. Lot Size
North-East	4	2	£52,000	50.0%	£26,000
North-West	27	20	£1,860,000	74.1%	£93,000
South-East	40	34	£3,629,000	85.0%	£106,735
South-West	10	7	£751,000	70.0%	£107,286
M25	98	81	£18,123,925	82.7%	£223,752
Midlands & East Anglia	15	11	£1,126,000	73.3%	£102,364
Wales	3	3	£959,000	100.0%	£319,667
Scotland	2	1	£15,000	50.0%	£15,000
Yorkshire & The Humber	8	8	£147,500	100.0%	£18,438
Northern Ireland	5	5	£336,000	100.0%	£67,200
TOTALS	212	172	£26,999,425	81.1%	£156,973

Property Type	Lots Offered	Lots Sold	% Success	Yield	Av. Lot Size
Regulated	3	2	66.7%	4.16%	£168,000
Assured Shorthold	22	13	59.1%	9.29%	£129,346
Assured	0	-	-	-	-
Ground Rents (80 yrs+)	26	26	100.0%	5.91%	£30,409
Sites with PP	7	5	71.4%	-	£258,700
Sites without PP	15	10	66.7%	-	£65,650

Vacant Units (Individual Houses and Flats)

Regions	Lots Offered	Lots Sold	% Success	Av. Lot Size
NE	2	2	100.0%	£26,000
NW	12	10	83.3%	£103,400
SE	14	12	85.7%	£189,542
SW	4	3	75.0%	£92,667
M25	40	32	80.0%	£256,047
Midlands & East Anglia	6	5	83.3%	£62,200
Wales	1	1	100.0%	NULL
Scotland	1	1	100.0%	NULL
Yorks & The Humber	4	4	100.0%	£67,750

Highlights included...

Lot 54 – 25 Kings Mews, Bloomsbury, London, WC1 2JB
A Freehold mid terrace mews Building
Possible potential for extension and redevelopment into a residential dwelling subject to all necessary consents being obtained.
Sold Prior

Lot 56 – 8 Hamlet Road, Crystal Palace, London, SE19 2AW
A Freehold detached Building internally arranged to provide four self-contained flats
BY ORDER OF AMICUS HORIZON
Sold: £680,000
Guide Price: £475,000+

Lot 85 – 51 Kilburn High Road, Kilburn, London, NW6 5SB
A Freehold mid terrace Building internally arranged to provide a ground floor retail unit subject to a long lease and four upper floors of vacant residential accommodation.
Possible potential for redevelopment subject to all necessary consents being obtained.
BY ORDER OF THE LONDON BOROUGH OF BRENT
Sold: £950,000
Guide Price £350,000+

Lot 190 – 17 Mill Lane, West Hampstead, London, NW6 1NT
A Freehold end of terrace Building presented in shell condition
Potential for sub-division/ reinstatement into a family house subject to obtaining all necessary consents.
ON THE INSTRUCTIONS OF JOINT FIXED CHARGE RECEIVERS
strong>Sold: £795,000   
Guide Price £500,000 - £700,000

Lot 194 – Windsor Court, Broad Street, Barry, Vale of Glamorgan, CF62 7AP
Freehold Bbuilding internally arranged to provide twenty eight self-contained flats.  Nine flats subject to long leases and nineteen flats vacant.
ON THE INSTRUCTIONS OF JOINT FIXED CHARGE RECEIVERS
Sold: £800,000
Guide Price: £800,000 - £1.1M

Lot 199 – 8 Barkfield Lane, Garswood, Formby, Liverpool, Merseyside, L37 3JN
A substantial Freehold Grade II listed detached House.
BY ORDER OF MORTGAGEES
Sold: £650,000
Guide Price £650,000+

Lot 106 - Former Playing Fields, 139 St Julian s Farm Road, West Norwood, SE27 0RP
A Freehold Site extending to approximately 0.437 Hectares (1.080 Acres).  This lot took over 15 minutes to sell after very strong competition.
BY ORDER OF THE GIRLS' DAY SCHOOL TRUST
Sold: £360,000
Guide Price £25,000 - £50,000

Notes to editor

Allsop is an independent property consultancy with a market-leading reputation for high quality service, integrity and innovation. We are also well known as the UK’s largest and most successful auction house.  Our success is built on over 100 years’ experience in commercial and residential property consultancy and sales.

Contact

To arrange an interview or for the supply high resolution images or further information please contact Jennifer Mortimer
Jennifer.mortimer@allsop.co.uk
020 7543 6728