- UK’s leading property auctioneer raises £32.5m in November from the sale of 98 residential lots, with six lots selling at over £1m
- The highest value lot to sell was a freehold site in Hackney, which was purchased after the auction for a sum exceeding the guide price of £2.75m+
- Allsop has sold £314.22m worth of residential assets through its auction since the start of the year
Allsop’s latest residential auction raised £32.5m from the sale of 98 lots, with the highest value lot selling for an undisclosed sum in excess of the original guide price of £2.75m+ following the auction.
Buyers from across the UK and beyond were invited to choose from a broad range of development and income-producing opportunities, including houses, freehold sites, and mixed-use schemes.
Richard Adamson, partner and auctioneer at Allsop, said: “Auctions have traditionally acted as a barometer for the property market, which is something we witness time and time again. Rising interest rates and the cost-of-living crisis have had a significant impact on the market, and as a result, we’re seeing a more cautious approach from investors. Despite the challenging conditions, there is still a significant pool of cash buyers able and willing to transact as long as the asset in question is of high quality. We expect the ‘flight to quality’ trend to continue into the next year and are confident we’ll be able to meet that demand”.
Auction highlights include:
- Lot 27: a freehold site with development potential in Hackney and the highest value lot of the auction, which sold for an undisclosed figure in excess of the guide price of £2.75m+
- Lot 19: a leasehold mid-terrace house with a garage in Westminster and the largest lot to sell on the day at the price of £1.96m (originally guided at £1.45m)
- Lot 106: a leasehold office building with car parking in Coventry sold on behalf of a charity and the most popular lot of the auction, sold for £732,000 (originally guided at £360,000)
- Lot 151: a mixed-use property with land and building extending to over two acres in Felixstowe with potential for development, which sold at £721,000 (originally guided at £250,000)
Click here to view all our auction results.
Allsop’s next residential auction will take place virtually on 15th December 2022.
If you are looking to sell your property visit Selling at Auction.
