Allsop’s residential auction on the 25th October defied perceptions of a challenging market, achieving a total of £42.5m from 155 lots. Achieving a success rate of 76%, well above the industry average of 69%, these new figures bring the firm’s residential auction sales total for the year to £349m with a success rate of 78%.
Regions that saw the most buying activity include London with 54 lots sold achieving £17.5m and the South East, with 32 lots raising a total of £7.8m.
The largest lot of the sale, lot 50, a Grade II Listed triplex apartment of over 6,280 sq ft overlooking Regents Park, was offered on behalf of receivers. This six-bedroom home featured the building’s original six-storey staircase and a single garage. It was guided at £7m and was sold after auction to an owner occupier.
Also in London, lot 18, a freehold, semi-detached HMO townhouse in Kilburn, north west London sold for £980,000. Development and investment opportunities with the potential for office to residential permitted development continued to be popular with investors. Lot 45A, a four-storey office building in Chelmsford, Essex and has prior approval for conversion to 27 apartments was sold prior in excess of its guide price of £3.1m.
Outside of London and the South East, lot 208, a parade of shops, creche and nightclub and 19 self-contained flats with a car park in Lowestoft achieved £900,000. Lot 126, a freehold block of 24 flats located in Newcastle-under-Lyme sold for £930,000. With a rental income of £94,064 per annum, or a yield of 10.1% gross, this represented a strong investment opportunity and was highly sought-after.
Gary Murphy, Partner and Auctioneer at Allsop said: “Despite all of the caution surrounding Brexit and the political landscape, both buyers and sellers were clearly there to do business. The success rate of the sale continues to improve post auction, with the team having secured contracts on unsold lots. It seems that in the present market, some buyers prefer to wait on their hands and negotiate afterwards.”
The full results can be viewed on our website. Allsop’s next residential sale will be held on December 13th 2018 at The Cumberland Hotel, Great Cumberland Place, London W1H 7DL.
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.
Where a guide price (or range of prices) is given, that guide is the minimum price at which, or range of prices within which, the seller might be prepared to sell on the date at which the guide price, or range of prices, is published.
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