- UK’s leading auctioneer raises over £41.9m
- Success rate 82%
- Highest value lot (a freehold building arranged as 16 flats) sold post from a guide of £2.65m+
- Total residential sales online since the lockdown now at £102m
As lockdown eased, Allsop held its largest online residential auction yet on 16 July. In total, 177 lots were sold, raising a total of over £41.9m with a success rate of 82%. This brings the total raised by the firm this year from the sale of residential lots to over £151m. Of this total, £102m is attributable to the three online sales held since lockdown.
The auction saw a total of 6,113 online bids placed during the day with 2,360 approved applications. Across the three lockdown residential auctions Allsop has approved 5,800 applications from registered bidders.
Gary Murphy, auctioneer at Allsop, said: “We were delighted with the level of interest and the result at the July sale. We are seeing a mini boom in the residential sector. This has been fuelled by the release of pent up demand since the easing of lockdown, the recent stamp duty changes and sustained enthusiasm among investors for residential property as an asset class.”
Investment opportunities were much in demand. The largest lot of the sale was sold immediately after the auction. Lot 41, 27 Peterborough Road, Harrow, was a freehold former office building arranged as 16 self-contained studio flats. All were let on assured shorthold tenancy agreements producing collectively £182,100 pa. It sold from a guide price of £2.65m+ (7%).
The largest lot to sell under the virtual hammer was lot 40A, a freehold mid-terraced building in Westcroft Square, Hammersmith, London W6. Internally arranged to provide two self-contained maisonettes, the property was offered subject to a regulated tenancy and an assured shorthold tenancy collectively producing £43,400 pa. It had remained in the same ownership for 93 years and was sold for £1.49m reflecting a gross initial yield of 3.22%.
There was a strong appetite for development opportunities across the country. For example, lot 78 two freehold development sites with planning permission for six houses, offered together, in Erith, Kent raised £862,000 and lot 130A, a freehold development site with planning permission for six apartments in Wimbledon, London was sold for £900,000.
Single vacant units for investment or occupation also fared well. Lot 2, a vacant freehold mid terrace house in Brixton, London extending to nearly 1,500 sq ft, which sold for £679,000. Lot 5, a detached house of over 1,880 sq ft in Stevenage, Hertfordshire was sold with vacant possession for £301,000.
Murphy commented: “We expect to see improved demand for homes and opportunities outside of London, but within convenient commutable distance, as working from home either permanently, or for part of the week, becomes the new normal.”
Allsop’s next residential sale will be held online on 17th September.
Notes to editor
About Allsop auctions
Allsop run the largest property auction departments in Europe through two highly experienced residential and commercial teams and is the UK’s number one auction house by transactions. We offer a wide range of lots covering residential vacant and investment properties, ground rents, land and development opportunities and secondary commercial lots. A minimum of six commercial and seven residential sales are held every year. Visit: https://auctions.allsop.co.uk/selling-at-auction
Allsop is an independent property consultancy with a market-leading reputation for high quality service and integrity, covering the UK from our offices in the West End, the City, Leeds and Brighton. In addition to our position as the UK’s largest and most successful property auction house, we offer an extensive range of services for residential, commercial and mixed use property.
We have the people, the skills, the experience and the drive to maximise value for our clients in any given market and like to do business in our own distinctive Allsop style – open, friendly and honest. Clients appreciate this, which is why so many stay with us over the long term.
In an unpredictable world, Allsop remains a reassuringly constant source of market knowledge, insight and expertise. Visit: www.allsop.co.uk
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