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Allsop, the UK’s leading auction house, raised £71.2m selling 175 lots at their 29th October residential sale.

Trends

  • High value lots selling well as buyers and sellers accept and factor in new stamp duty thresholds. Auctioneer Richard Adamson comments, “The appetite for properties located in central London is still as strong as ever, but as always this is price sensitive. It would also seem that both buyers and sellers are more accepting and comfortable with the new stamp duty thresholds. There were a number of properties that fell into this category, with the most notable being Lot 21 in Knightsbridge which sold for £3.33M in the room.”
  • Permitted Development opportunities are increasingly popular. Adamson comments, “The proposed changes to the General Permitted Development order have resulted in renewed interest in buildings with PD rights. There were a total of five lots in the catalogue which all generated huge levels of interest pre auction and were all subsequently sold prior to the sale to developers.”
  • Demand for ground rent investments continues to be very competitive amongst a wide spectrum of buyers including institutions, private pensions, private investors and other property professionals. Furthermore, the regulated tenancy market is as strong as ever with a number of keenly contested lots selling well above their reserves.

Highlights

Lot 21 Knightsbridge, SW7
Two bedroom third floor flat in an attractive mansion block
Guide: £2.75m+
Sold: £3.33m

Lot 29 Marylebone, W1G
Two virtual Freehold central London buildings
Guide: £5.5m – £6m
Sold £5.95m

Lot 61 Kings Norton, West Midlands
Unbroken Freehold block of twelve purpose built flats
Guide: £800,000
Sold: £990,000

Lot 209 Liverpool, Merseyside
Freehold Grade II Listed building with commercial space and 73 flats
Guide: £1.6m – £1.8m
Sold: £2.61m

At a glance

Property Type Yields Average Lot Size
Assured Shorthold 8.06% £200,142
Ground Rents (80 yrs+) 3.53% £141,413
Regulated 3.94% £404,300
Property Type Average Lot Size for Single Vacant Units
Within the M25 £583,500
UK £191,122
UK excluding M25 £135,068

Results

A full listing can be viewed on our website.

Allsop’s next residential sale will be held on Thursday 17th December 2015 at the Cumberland Hotel, Great Cumberland Place, London W1. Entries are now invited and the list will close on 23rd November 2015.


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

Contact

For further information or supply of images

Anna Jones, Residential Marketing and PR Manager at Allsop on 0207 543 6728 or anna.jones@allsop.co.uk