Allsop is the leading property auctioneer in the UK
Allsop has been the property auction market leader for many years and as a result has the staff, depth of experience and reputation necessary to hold well attended auction sales and ensure a successful and profitable outcome for our clients’ property disposals.
Speed – The entire process, from instruction to exchange of contracts, can be achieved within as little as six to eight weeks.
Certainty of sale – Selling a house at auction offers an exceptional degree of certainty that a sale will be achieved on auction day. A binding legal contract is formed on the fall of the hammer. The buyer is committed and no further negotiation can take place.
Best price – If prepared properly a property auction should generate a number of bidders for each property. The atmosphere created can be extremely exciting and the process of competitive bidding will help to achieve best price on the day.
Transparency – A property auction sale is totally transparent and provides the seller with the assurance that the best possible price has been achieved in open competition.
Multiple disposals – A large number of properties can be included in an auction and sold on the same day.
Impartial advice – When advising on sales we always consider whether a property is more suitable for sale by auction or private treaty. Allsop offers both methods. Our property auction and private treaty departments effectively work as one team, ensuring that our advice is impartial and carefully considered.
Experience & service – Allsop has been synonymous with property auctions for over 100 years and our auctioneers are amongst the most respected in the industry. We offer a streamlined service aimed at getting the best price for your property with the minimal amount of stress.
Unrivalled exposure – For every property offered in our auction sale we guarantee unrivalled exposure to the market with 5,000 catalogues mailed out each auction, e-mails to 120,000 registered investors and extensive advertising in relevant national and local press.
We achieve results – In 2017 Allsop sold over three times as much as its nearest competitor by value.
The initial consultation usually offers a no obligation appraisal with advice on whether the property is suitable for sale by auction. An estimated sale price and recommended reserve price is provided.
We will agree with you our terms and conditions of appointment, including entry fees and commission.
Once we have been formally instructed, the property will be inspected by one of our surveyors, measurements will be taken where appropriate and the property will be photographed.
Draft sales particulars will then be sent to you and your solicitors for approval. Your solicitor will be asked to prepare a legal pack, which will be made available during the marketing period by post or online.
Routes to market – We pride ourselves on the depth of our market. Every property in our auction catalogue benefits from
unrivalled exposure and an intensive marketing campaign.
Reporting – During the marketing period, all interest and enquiries are logged. We maintain close contact with all serious buyers and record the number of enquiries made. In such a way, we are able to advise you of the strength of interest in your property, as well as reporting any price indications or offers made prior to sale.
5. Auction day
Well attended auctions – Throughout the day over 1,000 people attend each of our property auction sales, creating the buzz and atmosphere crucial to ensure a successful and profitable outcome for your property disposals. Buyers are also able to bid remotely via telephone or internet.
The fall of the hammer – In the UK, on the fall of the auctioneer’s hammer there is a binding contract and the purchaser is legally obliged to complete the purchase. A 10% deposit is paid to Allsop LLP in the room, and for residential sales a buyers fee is payable. The exchange of signed memoranda is supervised and conducted by our solicitor immediately after the fall of the hammer. In the unlikely event of any queries of a serious nature being raised, this would be discussed with yourselves and/or your appointed solicitor who may be present in the auction room.
What happens if the property does not sell on the day? – In the less likely event of any lot remaining unsold, we normally expect our instructions to continue for a period of 45 days after the sale. We will contact all previously interested parties and request best bids. In our experience sales are more likely to be agreed immediately following the sale, when post-auction interest is at its strongest.
Once the property has sold, completion usually takes place between 20 to 30 working days after the auction.
Selling property at auction
Lots offered at our residential property auctions include:
- Vacant and investment properties
- Land, development and permitted development opportunities
- Ground rents
- Mixed use
Lots offered at our commercial property auctions include:
- Retail, office, leisure, industrial, motor trade, retail warehouse and medical investments
- Ground rents
- Development and permitted development opportunities
- Vacant units
- Mixed use
It is important to set the guide price at a realistic level which is attractive to buyers. This will generate competitive bidding in the auction room to ensure that best value is achieved.
In light of the feedback received during the marketing campaign, we will advise if the previously agreed reserve price needs to be amended. This will be done a few days before the auction. This is the level below which we will not be authorised to sell. At this stage we are almost always in a position to gauge the level of interest in the property and will often know the identity of the people who are likely to be bidding for it.
Our fees to sellers comprise two parts:
1. Auction entry fee
Allsop charges a fee to enter a property into an auction. This fee is payable whether the property is sold or not. The fee is a contribution towards the costs of marketing and catalogue production. The fee will depend upon how much space is taken for the property in the printed catalogue. Details of current entry fees are available upon request.
In the event of a sale, a commission fee is payable. This is a percentage of the sale price.
Contact the team below for an appraisal.
Latest: Annual Review 2017.
Our auction reviews provide analysis on properties sold, yields and the types of vendor selling at auction, comment on emerging buyer trends and an outlook for the year ahead.