Allsop raises £56 million in largest residential property auction by volume since 2020

• Allsop raised £56 million from the sale of 184 lots
• Seven lots sold for more than £1 million
• The largest lot sold under the hammer was a freehold mid-terrace HMO in Kensington, London, which sold for £2 million
• Next residential auction on 30 March

Allsop, the UK’s leading property auction house, raised £56 million from the sale of 184 lots in its first residential real estate auction of the year, making it the largest sale by volume since December 2020. With 1,000 registrations to bid at the online auction, Allsop has achieved a 76% success rate so far, including seven lots sold for more than £1 million.

Properties on offer at the auction included residential and mixed-use assets across the country, ranging from a freehold multi-let property in Kensington to a former health centre in Coventry. Going under the hammer on the day were a mix of investment and development opportunities, including houses and flats, ground rent investments, vacant sites and garages.

Richard Adamson, partner and auctioneer at Allsop, said: “Following the turbulent end to the year in 2022, our first residential sale of the year was eagerly anticipated by buyers, sellers and those market observers who recognise auctions as the bellwether of the wider property market. It was clear from the outset that sellers were more confident than they have been for some time – it being our largest catalogue since May 2019 – and we were pleased to see that buyers were feeling the same way.

“The highest sale by volume since December 2020, another period of uncertainty during the relatively early days of the pandemic, demonstrates that we’re seeing much more confidence from buyers as the money markets settle and house prices stabilise. The usual flight to quality continues to be a theme, as investors seek well-let investments, vacant properties and land with value-add potential.”

Auction highlights include:

• Lot 41: 9 Marloes Road, Kensington, London W8. A freehold, well-located, mid-terrace HMO building arranged internally as 11 bedsits and a two-bedroom garden flat. Fully let, producing £121,842 per annum. Sold for £2 million.
• Lot 136: 57 Finsbury Park Road, Finsbury, London N4. A freehold, semi-detached building arranged over three floors and extending to 2,315 sq ft. 20 parties registered to bid for the property, and it sold for £1,429,000 from a guide price of £800,000.
• Lot 138: Broad Street Health Centre, Coventry. A freehold former healthcare centre and site, extending to 0.5 acres. Sold for £778,000 from a guide price of £260,000.
• Lot 39: The Elms, Cheltenham Road, Tewkesbury, Gloucestershire. A freehold former care home, extending to 5,446 sq ft. Proving very popular on the day, it sold for £642,000 from a guide price of £300,000.

Allsop’s next residential auction will be held on 30^th March 2023.