It is said that auctions are a barometer of the market – and none more so than Allsop’s eagerly awaited 20 July sale. This was the first major residential property auction post Brexit and one that was seen as an indicator of buyer confidence in a previously uncertain climate. As it turned out, bidding was often as heated as the weather as bidders and observers filled the Ocean Suite of the Cumberland Hotel and escaped the 95° heatwave outside. £51m was raised.

“It was important that our sale demonstrated continued confidence in property” said auctioneer and partner Gary Murphy, “and there were some extremely positive messages from the day. Notably, we experienced a significant depth of demand for longer term opportunities. Development sites or buildings with consent for conversion drew strong competition from UK and overseas bidders.”

The largest lot of the sale bore this out. 28 and 30 Blythe Road, West Kensington, London W14 was a vacant pair of mixed use buildings with planning permission for partial demolition and redevelopment to provide two shops and eight flats. It sold for £4.2m to an overseas developer.

Lot 83 illustrated long term investor / developer confidence. The Elms Lawn Tennis Club in Stanmore, Middlesex was offered on behalf of Trustees and provided 10 year reviewable income secured upon 0.876 acres. Currently producing £10,868 pa, the site, which has potential for residential development (subject to planning), fetched £830,000 from a guide price of £250,000+.

Single houses and flats in London for refurbishment and occupation fared well. A four bedroom maisonette in Canonbury Grove, Islington, N1 was knocked down for £910,000 from a £640,000 guide after furious bidding between investors and owner occupiers. And a freehold vacant terrace house in Churchill Road, Tufnell Park, NW5 made £1.205m.

Out of London, the market also showed strength. There was keen interest in a Grade I Listed 10,000 sq ft country house in Pangbourne, Berkshire. Offered on behalf of mortgagees, this attractive 17th century building offered potential for a variety of uses. It was sold £2.15m.

In all, 17 lots were sold for over £1m.

Murphy continued, “Secure income streams are always attractive during a short term correction so a selection of 35 individual ground rent investments appealed to bidders. All of these lots sold. Those with over 80 years’ life of income averaged 33.3 years’ purchase or 3%. (The average YP from 80+ years’ income for the year to June was 26.6.) Assured Shorthold Tenancy yields averaged 5.76%.”

“It was reassuring to see that, at times, business in the room was actually brisker than usual. As always, realistic pricing will produce the best results. It was interesting to note that almost a quarter of the lots sold on the day achieved at least 50% above their reserve prices. At a time when pricing for private treaty marketing is difficult to determine, the auction route offers a reliable option for achieving best value on the day.”

At a glance

Property Type Yields Average Lot Size
Assured Shorthold 5.76% £757k
Ground Rents (80 yrs+) 3.00% £22k
Regulated 8.39% £200k


Property Type Average Lot Size for Single Vacant Units
Within the M25 £582k
UK £187k
UK excluding M25 £108k


Lot 39 West Kensington, W14
Two adjoining freehold mid terrace buildings and rear warehouse. Planning permission for two retail units, eight flats and a three bedroom house.
Guide £4.2m+. Sold £4.2m

Lot 44 Pangbourne, Berkshire
A freehold Grade I listed country house dating from the 17th century extending (GIA) to approximately 928.2 sq m (9,991 sq ft).
Guide £2-£2.2m. Sold £2.15m

Lot 31-33 Kilburn, NW6
Three freehold buildings, each arranged to provide three flats. One flat subject to a lease with eight flats vacant.
Collective guides £2.9m – £3.15m. Sold collectively £4.245m

Lot 33A Camden Town, NW1
Freehold mid terrace building internally arranged to provide a ground floor retail shop unit, a first and second floor maisonette and a former office unit.
Guide £1.4m – £1.5m. Sold £1.49m


A full listing can be viewed on our website.

Allsop’s next residential sale will be held on Thursday 15th September 2016 at the Cumberland Hotel, Great Cumberland Place, London W1. Entries are now invited and the list will close on 22nd August 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


For further information or supply of images

Anna Jones, Residential Marketing and PR Manager at Allsop on 0207 543 6728 or

Charlotte Gold, Redleaf PR on 020 7382 4729 or