Allsop raises £38.7m in March residential property auction

• Allsop raised £38.7m from the sale of 128 lots at its latest auction
• The March auction yielded a success rate of 72%
• The largest lot to sell on the day was a freehold mid-terrace HMO in Earls Court (£2.18m)

Allsop, the UK’s leading property auction house, raised £38.7m from the sale of 128 lots in its March auction, resulting in a success rate of 72%.

Properties on offer at the auction included residential and mixed-use assets across the country, including both investment and development opportunities spanning houses, flats, ground rents, vacant sites, and garages, offering buyers the breadth of investment options that’s come to be associated with the Allsop brand.

Richard Adamson, partner and auctioneer at Allsop, said:

“We’re pleased to have raised nearly £40m at our latest virtual auction which took place following yet another interest rate rise, against the backdrop of protracted economic uncertainty further exacerbated by rumours of an impending banking crisis.

“We continue to see strong demand for top-quality assets in good locations – a reliable sign of challenging times as buyers become increasingly value conscious, and we’re confident in our ability to cater to these preferences.

“We’re excited for our next auction, which will take place in-person in May, offering an exceptional opportunity to experience the thrill of in-room bidding again, which we know has been missed by many within our community. In the meantime, our team will continue to work hard to identify the best lots for our next catalogue.”

Auction highlights include:

• Lot 60: Earls Court, London. A freehold mid-terrace house comprising eight self-contained flats, which sold for £2.18m from a guide price of £1.6m+.
• Lot 116: St Lukes House, Gloucester. A Grade II listed mixed-use building providing a retail unit and four self-contained two-bedroom flats, which sold for £766,000 from a guide price of £675,000-£725,000.
• Lot 127: Surbiton, Surrey. Two purpose-built blocks arranged as 12 self-contained two-bedroom maisonettes, sold for £1.45m.
• Lot 17: West Hampstead. A building comprising six self-contained studio flats, with total current rent reserved of £77,400 per annum. Sold for £1.07m from a guide price of £950,000.

Allsop’s next residential auction will be held in-room on 11^th May 2023 at The Berkeley in Knightsbridge.