Allsop raises £28 million in April residential auction

Allsop, the leading property consultancy and the UK’s largest property auction house, raised £28 million at its latest residential auction, representing a success rate of 76%.  

The highest-value lot sold under the hammer, a freehold HMO building in Coventry, was acquired for £2.255 million. Other lots included a range of residential and mixed-use investment and development opportunities across the UK.  

The success of Allsop’s fourth residential auction of the year brings the total raised to over £140 million, having recently raised over £26 million at its previous auction in March.

Richard Adamson, managing partner and residential auctioneer at Allsop, said: “During an economic and political climate which seems to be in a prolonged state of unpredictable uncertainty, it is no surprise that some investors are a little more cautious than they have been for a while. Despite this, our result shows that there is still strong demand for well-priced income-producing assets and suitable value-add opportunities.

“The volatility we have witnessed in the stock market recently has seen some investors turning to the safe haven of UK real estate, which is a trend we have seen over the past few years. We look forward to witnessing continued investor appetite at our next auction, which takes place over two days next month.”

Residential auction highlights include:

·       Lot 17: Kensington, London – a freehold semi-detached building internally arranged to provide four self-contained flats, sold for £2.1 million

·       Lot 23: Leicester – a freehold building comprising 20 student flats with car parking, sold for £1.74 million after competitive bidding which started at £1.4 million

·       Lot 71: Acton – a freehold end of terrace building comprising a retail unit and three self-contained flats producing a total of £70,287 per annum, sold for £905,000, reflecting a gross yield of 7.76%

·       Lot 135: Coventry – a freehold HMO building internally arranged to provide 35 ensuite bedrooms producing £253,920 per annum (with four units vacant), sold for £2.255 million

Allsop’s next residential auction will be livestreamed and take place on 21^st and 22^nd May 2025.