article title
  • UK’s leading property auctioneer raises £55m in June from the sale of 134 lots
  • The highest- value lot to sell under the hammer was a building with 12 flats in Notting Hill for £4.9m
  • With 83% success rate, this auction raised £10m more than this time last year

Allsop’s latest residential auction generated £55m worth of sales, with 134 lots sold, the largest amount raised by the team since September 2021. On the day of the auction, buyers placed 4,203 bids, with 818 individuals having registered to participate in the sale.

Despite the recent sharp increases in build costs and supply chain disruption, lots in need of redevelopment remained popular alongside the more traditional investment types such as ground rent investments, regulated tenancies, and properties subject to AST’s.

Richard Adamson, partner and auctioneer at Allsop, said: “We are pleased with the result of our June residential auction as it demonstrates the resilience of the residential property market, even amidst the current political and economic climate. It is evident that there is a strong appetite for well-priced investments and developments across the country, as buyers are looking at the residential market as a safe haven from the poor returns in the bank and rising inflation rates, especially compared to riskier alternative investment opportunities. We look forward to bringing further opportunities to the market and welcoming regulars as well as newcomers to our August auction which will take place online.”

Auction highlights include:

  • Lot 25: a freehold unbroken mid-terrace building providing 12 self- contained flats located in Notting Hill, London, producing a rental income of £70,000 per annum, sold under the hammer for £4.9m (GIY 1.4%)
  • Lot 45: a development site with planning consent for seven houses, situated in Ball Hill, Newbury, sold for £2.5m
  • Lot 44: a former register office in Walthamstow and one of the most popular lots with over 160 bids from 14 bidders, sold for £2.4m, in excess of its guide price of £1.6m
  • Lot 33: a freehold ground rent investment, situated in Bloomsbury, London, arranged to provide 106 self-contained flats, sold for £985,000 from a guide price of £650,000 (GIY 4.89%)

Click here to view all of our auction results.

Allsop’s next residential auction will be held online on 4 August 2022.


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’s market-leading team also regularly provides insight into the sector, along with tips and guides on making an impact, through Allsop’s Propchat podcast channel. For the latest podcast, visit: https://allsop-propchat.simplecast.com/episodes

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 Victoria Lloyd-Jones, Head of Marketing at Allsop at Victoria.Lloyd-Jones@allsop.co.uk

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