Allsop continued to demonstrate market buoyancy this week posting a £56m total from its 15 September residential auction sale. In all 146 lots were sold, 16 raising £1m or more. The total is expected to rise significantly over the next week as the UK’s leading auction house goes to work on selling further lots.
“The sale room was extremely busy from the start” said partner and auctioneer, Gary Murphy. “We knew we had a strong catalogue, and with over £17m under our belts in sales prior, we were off to a great start. Market turbulence appears to have calmed down since the EU referendum. Those vendors who were prepared to get back in the water were not disappointed. There was deep demand for sensibly priced stock at all levels with hammer prices well ahead of expectations in many cases.”
The sale featured a healthy supply of stock from a variety of housing associations. Much conversation post auction centred on a lengthy battle over a pair of adjoining freehold houses in Anerley, London SE20. Arranged as six two bedroom flats and offered with vacant possession at a guide of £1.4m, they were knocked down after ten minutes at £1.91m. And the bidding for a two bedroom garden flat in Godolphin Road, Shepherd’s Bush, London, W12 soon outstripped its guide of £475,000 finally going for £577,500.
Charity lots fared well and none more so than a former hall building in Greenford, Middlesex offered on behalf of St John Ambulance. Guided at £75,000 this single storey structure of 1800 sq ft raised £480,000 from a guide of £75,000.
“There was very keen competition for development opportunities” said Murphy. “Sites or buildings with real potential are sought after currently. Planning or permitted development rights are preferred but not essential to success. As long as pricing is sensible the buyers are there today.”
He continued “I was encouraged that this September’s total was ahead of the £50m we raised this time last year. We are receiving a good volume of potential instructions now for our next sale on 3 November. We expect to have a packed catalogue and another full room.”
At a glance
|Property Type||Yields||Average Lot Size|
|Ground Rents (80 yrs+)||2.89%||£40k|
|Property Type||Average Lot Size for Single Vacant Units|
|Within the M25||£615k|
|UK excluding M25||£108k|
Lot 17 – Anerley, SE20
Two adjoining freehold semi-detached buildings
Lot 22 – Greenford, Middlesex
Freehold detached building with possible potential for residential redevelopment
Lot 135a – Weybridge, Surrey
Freehold detached seven bedroom family house
Guide £2.25m – £2.5m
Lot 162 – Sutterton, Lincolnshire
Attractive freehold Grade II Listed building formerly used as a restaurant
A full listing can be viewed on our website.
Allsop’s next residential sale will be held on Thursday 3rd November 2016 at the Cumberland Hotel, Great Cumberland Place, London W1. Entries are now invited and the list will close on 10th October 2016.
Notes to editor
Allsop is an independent property consultancy with a market-leading reputation for high quality service, integrity and innovation. We are also well known as the UK’s largest and most successful auction house. Our success is built on over 100 years’ experience in commercial and residential property consultancy and sales.
For details visit www.allsop.co.uk
For further information or supply of images
Anna Jones, Residential Marketing and PR Manager at Allsop on 0207 543 6728 or email@example.com
Charlotte Gold, Redleaf PR on 020 7382 4729 or firstname.lastname@example.org