Thanks to a busy room on auction day, Allsop recorded a total of £58.4m from its December sale – up by 27% on its total of £46m last year and achieving a success rate of 80%. The sale brings the annual residential auction total to £407.8m with an overall success rate of 79% for 2018.
On the day, competition was enhanced by a total of 233 registered remote bids. 44 of those were made online. The largest investment to sell was lot 49, Blenheim Mansions, Brixton Hill, London. An unbroken freehold corner building arranged as three shops and nine flats, it had remained within the same family ownership for over 60 years. Mainly let and generating £161,280 pa, it sold for £3.17m from a guide price of £2.8m.
Allsop concluded further transactions on unsold lots in the days following the sale. To date, eight contracts have been exchanged post-auction adding £3.94m to the total raised.
Gary Murphy, Partner at Allsop, said “This is a very encouraging note on which to end a challenging year. I think that our regular clients and bidders are intent on continuing to trade despite Brexit. Business has to continue, and we expect to enter 2019 with another strong catalogue of attractive opportunities at realistic prices on behalf of a wide variety of clients.”
“In the current housing market and political environment, we were naturally cautious in the run up to auction day. As it transpired, the room was full and bidders were much keener than expected. Perhaps they were hoping to face less competition in the room than they did on the day.”
Notes to editor
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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 110 years’ experience in commercial and residential property consultancy and sales.
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