Allsop has held its first principal residential auction entirely online. The total raised stands at £29m (at the time of writing) with 76% of all lots offered sold.
The decision to move to online bidding exclusively was taken in anticipation of the UK lockdown imposed on 23rd March as a result of the Covid-19 outbreak. The firm had originally planned a sale that would accommodate telephone bidders with an auctioneer streamed live from Allsop’s London headquarters.
Gary Murphy, Auctioneer at Allsop, said: “We chose not to use live auctioneers at this sale. The health and safety of our colleagues is our primary concern and it would have been impossible to make this form of hybrid sale work successfully within a short time frame without physically gathering our staff and partners.”
The auction was originally scheduled for 31st March but was moved to 2nd and 3rd April to allow more time for the Allsop team to make arrangements and inform buyers and sellers. The bidder registration process required pre-payment of contract deposits and buyers’ fees. In all, over 780 unique bidders entered the registration process with more than 300 going in to place bids over the two days.
Commenting on demand, Murphy said: “It was a great relief to see that there is still a competitive market for residential property. As ever in times of crisis, buyers focussed on quality of location and security of income. London homes fared relatively well. Ground rents remained popular. Interestingly, development opportunities remained in demand. Pricing attractively will be absolutely critical to success over the coming months.”
Whilst looking forward to holding multi-channel ballroom auctions when it’s safe to do so, Allsop is confident that its forthcoming sales online will continue to be able to service its clients and buyers.
Murphy continued: “This was a massive effort by Allsop. It was all the more remarkable when you consider that everyone involved in making this sale work so well was working from home. Our commercial auction team (which had successfully raised over £30m from an online sale a couple of days earlier) was also on hand to help field calls from buyers who may have needed help with the process.”
Allsop’s next residential sale will be held online on 28th May.
Notes to editor
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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