- UK’s leading property auctioneer raises £55m in June from the sale of 134 lots
- The highest- value lot to sell under the hammer was a building with 12 flats in Notting Hill for £4.9m
- With 83% success rate, this auction raised £10m more than this time last year
Allsop’s latest residential auction generated £55m worth of sales, with 134 lots sold, the largest amount raised by the team since September 2021. On the day of the auction, buyers placed 4,203 bids, with 818 individuals having registered to participate in the sale.
Despite the recent sharp increases in build costs and supply chain disruption, lots in need of redevelopment remained popular alongside the more traditional investment types such as ground rent investments, regulated tenancies, and properties subject to AST’s.
Richard Adamson, partner and auctioneer at Allsop, said: “We are pleased with the result of our June residential auction as it demonstrates the resilience of the residential property market, even amidst the current political and economic climate. It is evident that there is a strong appetite for well-priced investments and developments across the country, as buyers are looking at the residential market as a safe haven from the poor returns in the bank and rising inflation rates, especially compared to riskier alternative investment opportunities. We look forward to bringing further opportunities to the market and welcoming regulars as well as newcomers to our August auction which will take place online.”
Auction highlights include:- Lot 25: a freehold unbroken mid-terrace building providing 12 self- contained flats located in Notting Hill, London, producing a rental income of £70,000 per annum, sold under the hammer for £4.9m (GIY 1.4%)
- Lot 45: a development site with planning consent for seven houses, situated in Ball Hill, Newbury, sold for £2.5m
- Lot 44: a former register office in Walthamstow and one of the most popular lots with over 160 bids from 14 bidders, sold for £2.4m, in excess of its guide price of £1.6m
- Lot 33: a freehold ground rent investment, situated in Bloomsbury, London, arranged to provide 106 self-contained flats, sold for £985,000 from a guide price of £650,000 (GIY 4.89%)
Click here to view all of our auction results.
Allsop’s next residential auction will be held online on 4 August 2022.
