Despite the continuing instability surrounding Brexit – and the announcement of a general election two days earlier – Allsop delivered a solid result at its latest residential sale on 31 October. The auction raised £40m with 78% of all lots successfully sold.
Overall, 190 lots were offered. In total eight lots were sold for over £1m. The largest lot of the sale was sold prior – lot 43, a two bedroom flat in South Street, Mayfair, went substantially over its guide price of £1.7m. The most valuable lot to sell under the hammer was a freehold part-reversionary ground rent investment secured upon 36 flats at Regal Court, Edmonton. It was knocked down on behalf of a charity for £1.5m.
Assured shorthold tenancy investments fared well. In total 21 were sold showing an average yield across the UK of 9.6%.
Gary Murphy, Auctioneer at Allsop said: “Given everything that is being thrown at us at the moment, we are very pleased with this result. There is demand across all sectors and all regions, but pricing is, as always, critical to success.
“As has been characteristic of the entire year, buyers are hoping for deals but sellers are holding their ground. This is a good thing. Transactions are happening nevertheless and values are therefore generally holding up. December’s sale will be a serious barometer of the market, regardless of the election result”
Allsop’s next residential sale will held on 17 December at The Intercontinental London Park Lane Hotel, One Hamilton Place, London W1.
Notes to editor
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About Allsop auctions
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. Visit: https://auctions.allsop.co.uk/selling-at-auction
Allsop is an independent property consultancy with a market-leading reputation for high quality service and integrity, covering the UK from our offices in the West End, the City, Leeds and Brighton. In addition to our position as the UK’s largest and most successful property auction house, we offer an extensive range of services for residential, commercial and mixed use property.
We have the people, the skills, the experience and the drive to maximise value for our clients in any given market and like to do business in our own distinctive Allsop style – open, friendly and honest. Clients appreciate this, which is why so many stay with us over the long term.
In an unpredictable world, Allsop remains a reassuringly constant source of market knowledge, insight and expertise. Visit: www.allsop.co.uk