News | Residential Auction

Allsop raises more than £53M at December residential auction, beating last year’s result

Highlights

  • Total raised: over £53m on 192 lots, with a success rate of 86%, beating last year’s result fuelled by the Boris Bounce
  • Most popular lot (lot 3, a maisonette in Haggerston) gets 140 bids, as buyers rush to take advantage of the Stamp Duty holiday before the deadline
  • Highest value lot (lot 28, a mid-terrace building in West Kensington) was sold prior to the auction at £1.75m

Allsop’s sixth online auction since the first UK lockdown resulted in the sale of 192 lots, raising in excess of £53m with a success rate of 86%.  The team’s seventh auction this year, it brings the total raised from the sale of residential lots by Allsop this year to £320m with an average success rate of 89%.

The auction saw a total of 6,349 online bids placed during the day, with 2,000 bidder registrations.

Richard Adamson, partner and auctioneer at Allsop, said: “Despite all of our auctions but the February one taking place outside of the ballroom this year, we’ve seen consistently high levels of buyer demand, and the success rates of our sales this year have been extraordinary. The Stamp Duty tax relief has undoubtedly contributed to the high levels of activity, but there have been other factors at play – at a time of uncertainty, people tend to turn to the familiar, which in this case is property, an asset that many understand well and are comfortable investing in.”

The highest value lot of all sold was lot 28, a mid-terrace building in West Kensington, which was purchased prior to the auction at £1.75m. Lot 25, a freehold semi-detached building in Finsbury Park, was the highest-priced lot of the day, selling at £1,740,000.

Lot 3, a maisonette in Haggerston on a 125-year-lease, arranged over three floors, was among the most popular lots of the day, receiving 140 bids before selling for £513,000.

Another highly popular lot was lot 43, freehold land in Kingsbury with a garage and building and development potential, which saw interest from 78 bidders and sold for £139,000.

Adamson also commented: “The success of last year’s December sale can be partially attributed to the Boris Bounce, and to see even higher levels of transactions this year in a highly uncertain environment is extraordinary. At the moment, it seems that the further uncertainty surrounding the UK’s exit from the EU has not had a material impact on sentiment from both buyers and sellers.”

Full details of results here

Allsop’s next residential auction will be held online on 18 February 2021.  


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