Allsop held its final sale of 2016 last week (15th December) at the Cumberland Hotel, raising a total of £46m with a success rate of 71%. This brings the total amount sold through the firm’s residential auction team to over £425m in 2016, meaning the team retains its number one position in the market for the 22nd year in a row.
Partner and auctioneer Gary Murphy commented on the day: “This was a respectable result in what is clearly an adjusting market. We had seen modest success rates in other residential sales this December and were, therefore, expecting to see a softening in demand. Confidence in the residential market has been knocked this year by aggressive taxation and the Brexit vote, but trying to identify particular weak spots is difficult. Higher value central London stock has definitely been hit and so it seems have poorer quality lots in the North and North East. Despite this, the sale was well attended.”
The highest value lot to sell under the hammer in London was lot 105, a freehold five storey corner office building in Southwark with possible potential for conversion to residential under permitted development rights, which sold for £1.6m.
“Deals are clearly subject to price sensitivity now. The bargain hunters were noticeably present.” said Murphy. “But, when vendors embrace the process and set reserves on our advice, there are some strong results to be had.”
“Curiously, some of the more speculative opportunities attracted the strongest competition. For example, we offered 13 sites without planning permission and 11 sold (85%). And as always during a period of readjustment, ground rents stood out as a safe bet. 19 investments were offered with 16 sold (85%) showing 25.8YP (3.87%) for 80+ years income”.
Lot 29 – Hampstead, NW3
Freehold mid terrace building
Guide £1.5m – £1.6m
Lot 146 – Warwick, Warwickshire
Freehold site with planning permission for residential development
Lot 116 – West Norwood, SE27
Freehold end of terrace building
Lot 16 – New Malden, Surrey
Freehold part reversionary Ground Rent Investment secured upon two buildings
Guide £325,000 – £350,000+
Lot 100 – Bath, Somerset
Freehold Grade II Listed six bedroom Georgian house
A full listing can be viewed on our website.
Allsop’s next residential sale will be held on 16th February 2017 at the Cumberland Hotel, Great Cumberland Place, London W1. Entries are now invited.
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.
For details visit www.allsop.co.uk
For further information or supply of images:
Charlotte Gold, Redleaf Communications on 020 7382 4729 or email@example.com
Anna Jones, Residential Marketing and PR Manager at Allsop on 0207 543 6728 or firstname.lastname@example.org