Allsop held its final sale of 2015 on 17 December and raised a bumper total of £68.4m. This brings the amount sold through the firm’s residential auctions sales (in room and online) to over £457m for the year and once again endorses its number one position in the market.
The catalogue was characterised by larger lot sizes. Thirteen lots sold for over £1m contributing £33.235m to the total.
Speaking after the sale, partner and auctioneer, Gary Murphy, said
“The room wasn’t as crowded as previous sales this year but there was definitely a determination to buy. Many of the bidders reported that they were finding prices very steamy across all property types. And this wasn’t just London. Provincial and regional locations are on the rise as buyers look for value outside of the capital.”
Lot 185, a 0.378 acre site in Leicester proves the point. Situated on a busy road junction and with no planning permissions, the site was sold on behalf of Metropolitan Housing Trust for £700,000 from a guide of £500,000.
“We also sensed that the buoyancy in the room reflected buyers’ eagerness to invest before the 3% stamp duty hike on buy to let investments and second homes which is due next April. There’s no doubt that this will be reflected in prices paid in the new financial year. As a result of that, we are advising our clients to take advantage of our February auction sale.”
Murphy cited lot 27 as an example of this improved demand. 14 Heathfield Square, Wandsworth, London SW18, a vacant three bedroom flat, was offered on behalf of the Ministry of Justice in October with a guide price of £400,000+ but failed to sell. In December, it was reoffered at a guide of £375,000+ and was knocked down for £450,000.
The largest lot to be sold under the hammer was lot 59, a freehold 11,700 sq. ft. office building in Leatherhead on a site of 0.67 acres with permitted development rights for residential, sold for £2.9m. Further PD opportunities were included in the catalogue and were sold prior to auction.
At a glance
|Property Type||Yields||Average Lot Size|
|Ground Rents (80 yrs+)||4.09%||£66,929|
|Property Type||Average Lot Size for Single Vacant Units|
|Within the M25||£762,441|
|UK excluding M25||£166,854|
A full listing can be viewed on our website.
Allsop’s next residential sale will be held on Thursday 18th February 2016 at the Cumberland Hotel, Great Cumberland Place, London W1. Entries are now invited and the list will close on 25th January 2016.
Notes to editor
Allsop is an independent property consultancy with a market-leading reputation for high quality service, integrity and innovation. We are also well known as the UK’s largest and most successful auction house. Our success is built on over 100 years’ experience in commercial and residential property consultancy and sales.
For details visit www.allsop.co.uk
For further information or supply of images
Anna Jones, Residential Marketing and PR Manager at Allsop on 0207 543 6728 or email@example.com