Allsop’s recent three-day residential auction represented the UK’s largest ever residential auction sale, with £92.7m raised from the sale of 371 lots at a success rate of 89%.
Highlights include the sale of three freehold blocks of flats in Harlesden, which sold for £4,488,000 from a guide price of £4,250,000. Also proving to be popular with buyers, with 23 parties registering to bid, was a freehold block of flats in Shipley, West Yorkshire which sold for £1,005,000 from a guide price of £450,000.
Richard Adamson, managing partner and residential auctioneer at Allsop, said: “This was a record-breaking week for Allsop and the UK’s auction sector. Following our colleague’s success in our September commercial auction, our three-day residential auction sale realised £92.7m with a success rate of 89% [compared to an industry average of 70%].
“This is the largest ever residential auction sale, beating our own record set in May 2015.
“The market continues to be challenging but there are clearly signs that there is growing confidence as more buyers return to invest in residential property.
“Whilst our auction is a good barometer to where the market truly is, pricing is still key. The knowledge and data gained from each monthly sale we hold puts Allsop in a unique position to advise sellers on pricing and sales strategy in tough market conditions.
“Our next residential auction is on the 21st and 22nd October and we are still taking instructions, with it already shaping up to another big sale in part due to some sellers looking to exit the market before the autumn budget.”
In total, Allsop raised £139.4m over a four-day period through separate commercial and residential auctions held in September.
The commercial auction kicked off the week, raising £46.7m from the sale of 75 lots at a success rate of 75%. This sale brings the total raised so far this year to £346m through the sale of commercial property, with 440 lots sold and 98 lots achieving prices in excess of £1m, reflecting an overall success rate of 87%.
George Walker, partner and commercial auctioneer at Allsop, commented: “Despite some uncertainty in the market, particularly among high-net-worth individuals – the traditional auction buyers – who seem likely to be impacted by the government’s ‘broad shoulders’ policy in the Chancellor’s first budget, investor interest has remained robust.
“The competition for top-tier properties is strong, signalling a clear shift toward high-quality assets. Demand at this level runs deep, and we remain optimistic about a strong final quarter to close out the year.”
