News | Residential Auction

Allsop raises £38m at October residential auction as competition for quality assets intensifies

  • Leading UK auctioneer raises £38m on 156 lots, with a success rate of 77%
  • Most popular lot (a former health centre and site in Bexleyheath) gets 198 bids, showing continuous appetite for well-priced assets
  • Highest value lot (a freehold development site in Sutton) sold for £1.7m

Allsop’s fifth residential online auction since March lockdown resulted in the sale of 156 lots, raising £38m with a success rate of 73%. The team’s sixth auction of 2020, it brings the total raised from the sale of residential lots by Allsop this year to £258m.

Despite consumer confidence being impacted by the possibility of a second country-wide lockdown and ongoing uncertainty surrounding the protracted Brexit negotiations, the market for well-priced residential lots has once again proven to be robust, with over 1,000 bidders registering to take part in the online auction on the day.

The auction saw a total of 4,347 online bids placed during the day, with 1,092 approved registered bidders.

Richard Adamson, partner and auctioneer at Allsop, said: “We are very pleased with this result, particularly on the back of the slight softening of the market we’ve observed over the past month. Both the volume of sales and the prices secured demonstrate that there is still strong demand for well-priced assets, and this appetite is likely to continue with buyers looking to take advantage of the Stamp Duty holiday.”

The largest lot of the day, sold for £1.7m, was lot 163, a freehold development site in Sutton with planning permission for a four-storey building with 14 apartments and 12 parking spaces. Located less than a mile away from Sutton Common rail station, the site also benefits from nearby shops and amenities.

Lot 16 was among the most popular at the October auction with 198 bids due to its competitive pricing, achieving a sale price of £1.3m. A freehold former health centre and site, it offers potential for redevelopment or change of use to residential, and its location in the leafy suburb of Bexleyheath makes it particularly appealing for those considering change of use.

Lot 46 sold for £1.235m, well above the asking price. A vacant freehold office building with planning permission for change of use, it can accommodate five 2-bedroom flats and one studio flat, with Willesden Green tube station within easy reach.

Adamson also commented: “As we’re nearing 31st March, when the Stamp Duty holiday comes to an end, many people will be keen to secure a deal and complete before the deadline, so we’re expecting to see increasing appetite at our December and February auctions, which might be viewed by many as the final chance to benefit from this tax break.”

Allsop’s next residential auction will be held online on 17th December.


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