Allsop held their first residential auction for the second half of 2011 yesterday at the Park Lane Hotel, London. In total 293 lots were offered from across the UK, achieving a success rate of 86% and raising over £39.83m.
Despite UK inflation being at its highest level for decades and reports of a double dip for the housing market, buyers at this significant auction sale were undeterred and rejected gloomy market predictions. Bidding remained strong throughout the day.
Gary Murphy, partner and auctioneer at Allsop, commented “There is always opportunity in every stage of a market cycle. It was encouraging to see bidders competing so aggressively and with such conviction. This is the market at the coal face and there was little evidence of gloom”. Murphy’s comments were made as the RESI 2011 Conference was getting underway.
Frederik Norbrands, Global Head of HSBC, had forecast that the UK was in for sustained sluggish growth, even if it avoided a double-dip recession. He said a second downturn was becoming more likely every day. The global economy, he said, was suffering from a “negative feedback loop where everyone thinks the same”, encouraging markets to spiral downwards in parallel.
“We have to be careful that we don’t talk ourselves into an unnecessary downturn” said Murphy. “Current auction activity is evidence of a sustainable and important market place”.
The sale concluded with a session of 34 ground rent investments. All lots offered in this part of the sale were sold.
|
REGIONAL ANALYSIS (ALL LOTS) |
|||||
|
Regions |
Lots Offered |
Lots Sold |
Total Raised |
% Success |
Av. Lot Size |
|
North-East |
16 |
15 |
£1,759,500 |
93.75% |
£117,300 |
|
North-West |
24 |
19 |
£1,189,495 |
79.17% |
£62,605 |
|
South-East |
43 |
39 |
£4,448,500 |
90.70% |
£114,064 |
|
South-West |
18 |
13 |
£1,853,500 |
72.22% |
£142,577 |
|
M25 |
120 |
106 |
£25,388,200 |
88.33% |
£239,511 |
|
Midlands & East Anglia |
39 |
35 |
£3,755,700 |
89.74% |
£107,306 |
|
Wales |
3 |
3 |
£218,500 |
100.00% |
£72,833 |
|
Scotland |
6 |
5 |
£201,500 |
83.33% |
£40,300 |
|
Yorkshire & The Humber |
16 |
12 |
£810,500 |
75.00% |
£67,542 |
|
Northern Ireland |
8 |
4 |
£204,000 |
50.00% |
£51,000 |
|
Property Type |
Lots Offered |
Lots Sold |
% Success |
Yield |
Av. Lot Size |
|
|
11 |
9 |
81.8 |
4.1 |
£152,000 |
|
Assured Shorthold |
69 |
64 |
92.8 |
8.75 |
£135,680 |
|
Assured |
1 |
1 |
100 |
10.2 |
£92,000 |
|
Ground Rents (80 yrs+) |
14 |
14 |
100 |
5.6 |
£30,479 |
|
Sites with PP |
6 |
4 |
66.7 |
– |
£495,000 |
|
Sites without PP |
7 |
7 |
100 |
– |
£146,429 |
Vacant Units (Individual Houses and Flats)
|
Regions |
Lots Offered |
Lots Sold |
% Success |
Yield |
Av. Lot Size |
|
NE |
4 |
4 |
100 |
– |
£189,500 |
|
NW |
14 |
12 |
85.7 |
– |
£81,000 |
|
SE |
18 |
17 |
94.4 |
– |
£122,559 |
|
SW |
4 |
3 |
75 |
– |
£95,000 |
|
M25 |
38 |
33 |
86.8 |
£206,379 |
|
|
Midlands & East Anglia |
18 |
16 |
88.9 |
£84,469 |
|
|
Wales |
3 |
3 |
100 |
– |
£72,833 |
|
Scotland |
1 |
0 |
0 |
– |
|
|
Yorks & The Humber |
10 |
7 |
70 |
£74,143 |
Highlights included..
Lot 18 – Customs House, St Marys, Isles of Scilly, Cornwall, TR21 0PS
A long leasehold building arranged to provide a self-contained ground floor unit and two self-contained flats with panoramic sea views and beach frontage.
BY ORDER OF LPA RECEIVERS
Sold: £705,000
Guide Price: £650,000 – £750,000
Lot 33 – 28 Kings Mews, Bloomsbury, London, WC1 2JB
A freehold mid terrace mews building with possible potential for extension and redevelopment as a residential dwelling subject to all necessary consents being obtained.
Sold: £1.01M
Guide Price: £700,000+
Lot 34A – 443 Edgware Road, London, W2 1TH
A freehold mid terrace three storey mews building arranged to provide offices and warehouse on ground and first floors with a two bedroom self-contained flat on the second floor. Approximately 327 sq m (3,529 sq ft). Possible potential for conversion/ redevelopment into residential dwellings subject to all necessary consents being obtained.
Sold: £1.25M
Guide Price: £1.2M – £1.25M
Lot 45 – First and Second Floor Maisonette, 37 Earls Court Road, London, W8 6ED
A leasehold self-contained first and second floor maisonette extending to approximately 108 sq m (1,168 sq ft). Potential for re-configuration and possible potential for Mansard roof extension, subject to obtaining all necessary consents.
Sold Prior
Guide Price £650,000+
Lot 67– 31 Clifton Road, Crouch End, London, N8 8JA
A freehold semi-detached three storey building arranged to provide two self-contained flats and two non self-contained bedsits. Each unit subject to an Assured Shorthold tenancy
BY ORDER OF THE JOINT LPA RECEIVER
Sold: £1M
Guide Price: £775,000+
Lot 179 – Site at 1 Caxton Avenue, South Wimbledon, London, SW19 8SJ
A freehold site extending to approximately 0.147 hectares (0.362 acres) currently occupied by an end of terrace building and former laundry outbuildings. Planning permission for redevelopment of existing to provide seven self-contained flats (two x one bedroom, four x two bedroom, one x three bedroom), two self-contained three bedroom maisonettes and nine b1 office units totalling approximately 609 sq m (6,555 sq ft).
Sold: £700,000
Guide Price: £685,000+
Lot 190 – 66 Draycott Avenue, Harrow, Middlesex, HA3 0BU
A freehold building arranged to provide thirteen self-contained studio flats
• Eight flats subject to assured shorthold tenancies
• One flat subject to a tenancy on terms unknown
• One unit subject to an occupancy
• Three flats vacant
BY ORDER OF JOINT FIXED CHARGE RECEIVERS
Sold: £700,000
Guide Price: £700,000 – £800,000
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.
Contact
To arrange an interview or for the supply high resolution images or further information please contact Anna Jones
Anna.Jones@allsop.co.uk
020 7543 6728