Allsop raises £40m from May residential auction

• UK’s leading property auctioneer raises £40m in May from the sale of 94 lots
• The highest-value lot sold in excess of its guide price of £2.15m, a freehold detached apartment block providing 12 self-contained two-bedroom flats in Gravesend, Kent

In Allsop’s latest residential auction, the UK’s leading property auctioneer generated £40m worth of sales, with 94 lots sold, as a mix of investments sparked fierce competition that, in some cases, saw hundreds of bidders compete for individual lots.

On the day of the auction, buyers placed 3722 bids, with 958 individuals having registered to participate in the sale. On offer at auction was a mix of AST investments, buildings with repurposing potential, and ‘fixer-upper’ properties for owner-occupiers or investors.

The highest value lot sold on the day was a freehold detached apartment building in Gravesend, Kent, containing 12 self-contained flats. With a total current rent reserved of more than £120,000 a year, it sold in excess of its guide price for £2.3 million.

Richard Adamson, partner and auctioneer at Allsop, said: “With a strong Q1 behind us and only one more residential auction ahead of the half-year mark, it’s abundantly clear that the auction market is proving robust amid challenging economic circumstances.

“We’re seeing time after time that despite the uncertainty elsewhere in the market, investors see significant potential returns in residential property, particularly when priced well. Our team is overseeing competitive bidding on lots across the country, and it’s been especially noteworthy to see strong interest for London investments as investors return to the capital and see auctions as one of the best ways to deploy their cash.”

Auction highlights included:

• Lot 45 – a freehold former health centre extending to 6,261 sq. ft featuring a planning application submitted by a third party for the demolition of the existing building and erection of seven dwellings with associated landscape and parking in Leeds. Among the most popular lots on the day of the auction, it received 200 bids and sold for £351,000 from a guide price of £150,000
• Lot 8 – a long leasehold self-contained flat with three-bedroom accommodation located in the affluent neighbourhood of South Kensington, London. It is subject to an assured shorthold tenancy of £78,000 per annum, was guided at £1.3m and ultimately sold for £2.2m after fierce bidding between 13 parties
• Lot 1 – a freehold detached three-bedroom house in Epsom, Surrey, was another popular lot with 149 registered bidders, receiving 541 bids and selling for £891,000 from a guide price of £350,000

Allsop’s next residential auction will be held online on 23 June 2022.

Click here to view all of our auction results.