Allsop’s residential auction sale held on 25 May provided a much-needed boost of confidence to the London and national markets. The firm raised a total of £73m, with over 83% of lots offered now sold.
Following on from a successful commercial auction two days earlier, the residential sale brings the firm’s auction total for the week to over £167m.
Allsop, the UK’s leading auction house, typically offers an enormous range of stock to the market across all parts of the UK and Ireland. The May catalogue included 289 lots, of which 28 were sold prior to auction. The average lot size was over £410,000.
Gary Murphy, partner at Allsop, commented: “With two weeks to the election and a general softening of success rates across the auction industry, careful management of sales prior and close attention to pricing on the day was critical to the outcome of our May sale. The room responded very well and, from the start, bidding was enthusiastic across a broad selection values and locations. It just felt a little easier than our March sale. There’s still a strong appetite for residential property – but it remains price sensitive.
“We saw interest from owner occupiers, such as in lot 17, as well as particular interest from developers and investors, who were respectively interested in lots such as lot 55 and lot 33. And, despite concerns that central London property values are correcting, we had some strong successes in the capital. For example, lot 46, a four-storey house in West Hampstead, sold under the hammer for £2.505m and lot 50, a large apartment in Knightsbridge, was sold prior.”
At a glance:
|Property Type||Yields||Average Lot Size|
|Ground Rents (80 yrs+)||7.18%||£15k|
Lot 17 – Betworthy Farm, Coaley, nr Tetbury, Gloucestershire
A Grade II listed house with a two-bedroom barn conversion, an additional Dutch barn and swimming pool set in just under 5 acres
Sold for £1.555m (Guide £1.6m+)
Lot 33 – Harringay, London, N15
Two freehold adjoining mid-terrace properties arranged as a double fronted ground floor retail unit and 8 self-contained flats, as well as a flat arranged as three bedsits
Sold for £1.67m (Guide £1.3m+)
Lot 55 – Whitechapel, London, E1
A freehold three-storey building (approx. 3,538 sq ft) with planning permission for demolition and development of a retail unit and seven apartments
Sold for £2.355m (Guide £2m+
Lot 46 – West Hampstead, London, NW6
Mid terrace six bedroom house with four bathrooms, garden & first floor roof terrace
Sold for £2.505m (Guide £2.5m+)
Lot 63 – West Bromwich, West Midlands
Five storey commercial building with permitted development consent for 47 dwellings
Sold for £1.45m (Guide £1m+)
Lot 14 – Teddington, Middlesex
Mid terrace two bedroom house subject to a regulated tenancy. Current rent reserved £10,374 per annum
Sold for £610,000 (Guide £500,000+)
The full results can be viewed on our website.
Allsop’s next residential sale will be held on Thursday 20 July 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
- Where a guide price (or range of prices) is given, that guide is the minimum price at which, or range of prices within which, the seller might be prepared to sell on the date at which the guide price, or range of prices, is published.
- The reserve price is the minimum price at which the property can be sold.
- Both the guide price and the reserve price may be subject to change up to and including the day of the auction.
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