Allsop has raised £43.7m at its final residential auction of the year, achieving an 81% success rate, taking total sales for the year to over £423m. Realistic pricing encouraged a welcome lift in bidder enthusiasm to deliver the successful sale of 150 lots.
Demand for investments in London and the south east proved popular in the auction room with five of the highest value lots sold coming from the region. These included lot 92 – a six storey terrace building with four flats and a ground floor shop in Battersea which sold for £1.6m – and lot 145 – an attractive six bedroom terrace house in sought after Fulham knocked down at £1.33m.
Investments with potential for redevelopment were also sought after. Lot 86 – a former day care health centre in Bromley – sold for £1.4m. And lot 65 – a former office building in Ashford of 5,750 sq ft with potential for permitted development rights for conversion into 12 flats – made £865,000.
Gary Murphy, Partner and Auctioneer at Allsop commented:
“It’s good to see London lots showing better than expected demand. That said, the regions continue to draw interest as buyers look for capital growth opportunities and higher returns. It’s interesting to note that, when analysed geographically, our success rate for multiple lots was highest in the North East (95%), Midlands and East Anglia (91%) and the North West (88%).
“The market has had to overcome some significant obstacles this year. Stamp duty hikes, tapering tax relief, tighter buy-to-let lending criteria, the Brexit vote and political instability all added to market jitters. But I think that the savvy bidders in our auction rooms – and there are many of them – see this climate as one of emerging buying opportunities. Our challenge as auctioneers continues to be pricing stock to maintain interest. I believe that our 81% success rate demonstrates that we achieved this last week.
“We anticipate that 2018 will continue in a similar vein, with investors seeking value and willing to bid for assets that are realistically priced.”
At a glance
|Property Type||Yields||Average Lot Size|
|Property Type||Average Lot Size for Single Vacant Units|
|Within the M25||£528k|
|UK excluding M25||£137k|
The full results can be viewed on our website.
Allsop Residential’s next sale will be held on Thursday 15th February 2018 at the Intercontinental, Park Lane, London W1. Entries are now invited and will be accepted up until 19th January 2018.
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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