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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  


Regulated
 

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