A derelict house with development potential in Cricklewood, north-west London, sold for £1.3m in the latest Allsop sale, helping the firm to attain its highest residential total so far this year.
The 30 September online sale, Allsop’s sixth residential auction of the year, raised £57.3m, with a success rate of 79%. More than 1,160 bidders registered and 5,770 bids were placed on the day of the auction.
Of the 159 lots sold, 12 were purchased for £1m or above, while the average lot size was £360,439.
The Cricklewood, NW2, property (lot 118) was the highest-value lot to go under the hammer and was guided at £920,000. It had previously been arranged as two flats.
Richard Adamson, partner and auctioneer, said: “Despite the easing of Covid restrictions, we’re still operating in an uncertain environment, which means residential property continues to be the asset of choice for many investors looking for predictable returns and stability.
“It’s great to see that the demand for residential property in the UK shows no signs of slowing down, and despite the end of the stamp duty holiday, the volume of buyers has anything but decreased.”
Other highlights included an unmodernised two-bedroom maisonette on Canonbury Road in Islington, N1 (lot 1, pictured), which received 396 bids. The final sale price was £706,000, from a guide of £310,000.
In Epsom, Surrey, a four-bedroom detached house (lot 6) sold for £702,000, from a guide of £350,000. Some 59 buyers had registered to bid for the property.
In Liverpool, a partially completed hotel development on Camden Street (lot 113) saw competitive bidding achieve a sale price of £712,000, from a guide of £350,000. The site, close to Lime Street station and the Walker Art Gallery, Central Library and World Museum, has permission for a 44-bedroom hotel.
Allsop’s bumper September sales across the residential and commercial business raised a combined total in excess of £160m in the space of 11 days. The auction arm of the business has raised around £1.4bn since the first lockdown pushed the industry online in March 2020.
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