article title
  • UK’s leading property auctioneer raises £47m in March from the sale of 133 lots
  • The highest-value lot sold in excess of its guide price of £7m, a freehold investment of four hostel buildings and land in north London

 Allsop’s latest residential auction generated £47m worth of sales, with 133 lots sold. On the day of the auction, buyers placed 3,722 bids, with 788 individuals having registered to participate in the sale.

Investment opportunities in private rented accommodation, change-of-use and value-add properties proved popular at the auction held on 31 March. The highest lot to have sold is a freehold collection of hostel buildings in Finsbury Park, north London, that provide a total of 45 rooms. The lot, which is let to Westminster City Council, sold to a private investor prior to auction substantially in excess of its guide price of £7m.

Richard Adamson, partner and auctioneer at Allsop, said:

“Even with the increase in cost of living as well as recent interest rate rises, the result of this auction demonstrates the robust popularity of residential property amongst investors across the country.

“We have witnessed buyers pricing with caution especially for development opportunities due to the unpredictable nature of build costs at the moment, however, there is a good depth of buyers for sensibly priced opportunities.

“As house prices reach a 17 year high with annual growth hitting 14.3% in February this year, according to Nationwide, this is a seller’s market, and we are expecting a busy few weeks ahead as we approach our forthcoming auction in May.”

Additional auction highlights included:

  • Lot 19 in Willesden, London – a freehold detached building with seven bedrooms extending to 3,174 sq. ft, which was among the most popular lots on the day of the auction with 23 registered bidders, receiving 272 bids and selling for more than £2.15m
  • Lot 80 in Essex – a freehold 20-bedroom registered house in multiple occupation (HMO) producing a rental income of over £90,480 per annum, sold for £1,066,000 (GIY 8.48%)
  • Lot 154 in Derby – a freehold building with planning permission for change of use from residential/business centre to a 56-bedroom care home, receiving 142 bids and selling for £781,000

 View all results

Allsop’s next residential auction will be held online on 12 May 2022.

Click here to find out more about our auctions.


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

 About Allsop

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 and Leeds. 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

Contact

For further information or supply of images contact:

SEC Newgate UK on 0203 757 6890 or allsop@secnewgate.co.uk

Or email Anna Jones, Residential Marketing Manager at Allsop at anna.jones@allsop.co.uk

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