Allsop raises £43.5m at June in-room residential auction

• Allsop raises £43.5m from the sale of 114 lots at its latest auction
• 10 lots sold for over £1m, with the highest-value asset, a former community rehabilitation unit in London, purchased for £2.76m
• The June auction yielded a success rate of 71%

Allsop, the UK’s leading property auction house, raised £43.5 million from the sale of 114 lots at its June auction, unperturbed by the announcement of a double interest rate hike on the day of the sale. The firm’s second in-room auction since the pandemic and fourth residential property auction since the start of the year has resulted in a success rate of 71%, with 10 lots having sold for more than £1m.

Buyers were able to choose from a wide range of investment and development opportunities across the UK, including houses and flats, ground rent investments and land as well as less conventional investments, such as air space, a care home and a former church.

Richard Adamson, Partner and Auctioneer at Allsop, said:

“Following our much-anticipated return to the ballroom in May, our June catalogue was eagerly awaited and very well received. Raising £43.5m with a success rate of 71% is a very strong result, especially on the day that the Bank of England raised interest rates by half a percentage point to 5%. We witnessed strong demand for well-priced income producing investments and value-add opportunities such as sites with planning consent or redevelopment potential, which seems to be an ongoing trend.”

“As ever, pricing is key in a market that has become more reliant on cash investors over the past few months. In challenging times there is always a flight to quality and therefore the adage ‘location, location, location’ has never been more accurate. Our result does send a very clear message that well priced and well-located assets are still very much in demand, and auction is the preferred route of sale for many vendors in turbulent times when selling swiftly, with certainty and at the best price is one of the primary objectives.”

Auction highlights include:

• Lot 23: Anerley, London – A freehold former community rehabilitation unit located on a site of approximately 0.5 acres with development potential, which sold for £2.76m from a guide price of £1.75m+
• Lot 39: Putney, London – A freehold HMO with planning consent to convert into a single dwelling, sold for £2.25m from a guide price of £2m+, having received bids from multiple interested parties
• Lot 62: Luton – A freehold former university halls of residence providing 50 bedrooms and two ground floor offices, with planning permission for 28 self-contained flats, sold for £1.6m from a guide price of £1.25m+
• Lot 118: Balham, London – A freehold semi-detached building arranged internally as two self-contained flats, sold for £1.34m from a guide price of £900,000+

Allsop’s next residential auction will be held online on 3^rd August 2023.