Allsop raises £43.7m in the final residential auction of the year

• UK’s leading property auctioneer raises £43.7m on 153 lots at its eighth residential auction of the year with a success rate of 82%
• This brings the total raised by Allsop residential auction this year to £378m, an increase of almost 15% on 2020
• Three freehold eco houses in Mill Hill went under the hammer for £1.5m – the largest lot to sell on the day
• Freehold land with development potential in Wath upon Dearne received 600 bids, emerging as the most popular lot of the auction

Allsop’s final residential auction of the year raised £43.7m on 153 lots, with a success rate of 82%.  The day of the auction witnessed 5,046 bids and more than 1,125 bidder registrations.

Richard Adamson, partner and auctioneer at Allsop, said: “We are very pleased with the strong finish to the year having raised over £43m at our final auction. Over the past year, investors have been operating in a highly turbulent landscape given the uncertainties of the pandemic, however, the market has proven to be robust. Despite the re-instatement of some of the Covid measures and the announcement of a rise in interest rates on the day of the sale, buyer confidence hasn’t been dampened, and enquiries have continued to come through even after the auction. We look forward to reconvening in the virtual ballroom in 2022, bringing yet another range of attractive investment opportunities to the table.”

Auction highlights included:

• Lot 132 – three freehold eco-houses in Mill Hill, London, sold at £1.5m on behalf of receivers (GIY 2.36%)
• Lot 137  – freehold land with development potential in Wath upon Dearne, South Yorkshire, extending to 3.685 acres, sold for £836,000, well above the guide price of £200,000, having received over 600 bids (GIY 3.8%)
• Lot 113 – a freehold former health centre in Burntwood, Staffordshire with potential for residential re-development, sold at £415,000 (originally guided at £180,000)
• Lot 51 – a freehold mixed-use building in Crouch End, London, sold for £960,000 (GIY 7.91%)

 Allsop’s next residential auction will be held online on 17 February 2022.