Allsop’s latest residential sale raised £32.5m, with the sale of 98 lots. It offered 155 lots in total – a 64% success rate.
The highest value lot (lot 27) sold for an undisclosed sum in excess of the original guide price of £2.75m+ following the auction.
Buyers were offered a range of development and income-producing opportunities including houses, freehold sites and mixed-use schemes.
Richard Adamson, partner and auctioneer at Allsop, said: “Auctions have traditionally acted as a barometer for the property market, which is something we witness time and time again. Rising interest rates and the cost-of-living crisis have had a significant impact on the market, and as a result, we’re seeing a more cautious approach from investors.
“Despite the challenging conditions, there is still a significant pool of cash buyers able and willing to transact as long as the asset in question is of high quality. We expect the flight to quality trend to continue into the next year and are confident we will be able to meet that demand.”
Auction highlights included:
- Lot 19 (pictured): A leasehold mid-terrace house with a garage in Westminster. The largest lot to sell on the day at £1.96m (originally guided at £1.45m)
- Lot 106: A leasehold office building with car parking in Coventry, sold on behalf of a charity. The most popular lot of the auction, sold for £732,000 (originally guided at £360,000)
- Lot 151: A mixed-use property with land and building extending across two acres in Felixstowe with potential for development, which sold at £250,000 (originally guided at £721,000).
Allsop’s next residential auction will take place virtually on 15 December 2022.
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