Allsop raises £57m in June residential auction

Allsop, a leading property consultancy and the UK’s largest property auction house, raised £57 million from the sale of 250 lots (representing a success rate of 82%) at its largest residential auction since September 2021.  

The highest value lot sold under the hammer was a freehold detached former care home in Woking, Surrey, which sold for £1.8m. Other highlights include the sale of a freehold semi-detached building comprising nine self-contained flats in Finsbury Park, London, which sold for £1.55m having been guided at £800,000.

Allsop’s June residential auction was its largest auction since September 2021, highlighting growing confidence in the market among vendors and a continued demand for well-priced residential and mixed-used assets.

Richard Adamson, managing partner and residential auctioneer at Allsop, said: “We are delighted with another very strong result, the largest sale we have had for almost three years with a success rate well above the industry standard of 70%. This is a testament to the unrivalled experience of our team together with some very disciplined clients prepared to be led by the market. The easing of inflation and predication of interest rate cuts is starting to breath confidence back into the market even with a pending general election. There is clearly strong demand for well-priced residential and mixed-use assets as investors chase income and value add opportunities. We are already taking instruction for our July sale which we expect to be of high quality and with plenty of volume.”

Residential auction highlights include:

• Lot 177: Draycott Avenue, Harrow – a freehold HMO comprising 13 units, sold for £1,550,000
• Lot 189: Avens Court, Woking – a freehold detached former care home sold for £1,800,000
• Lot 220A: Finsbury Park Road, Finsbury Park – a freehold semi-detached building comprising nine self-contained flats sold for £1,550,000 from a guide price of £800,000
• Lot 239a: West Hampstead Lance, West Hampstead – a freehold mid terrace building arranged to provide six self-contained flats sold for £1,520,000

Allsop’s next residential auction will be livestreamed and take place on 30^th and 31^st July 2024.