Allsop’s May residential auction raised more than £67m with a 73% success rate on the day, despite growing investor caution.
Post-auction sales pushed the total to £67.4m with a 75% success rate.
More than 300 properties were for sale, making it one of the largest catalogues of the year. Buy-to-let investors, hit with tapering tax relief and the stamp duty surcharge against a backdrop of political uncertainty, showed caution on the day.
However, lots that were sensitively priced and of high quality were particularly sought-after.
These included a number of investments in London and the South East. An unbroken block of flats in Tunbridge Wells (pictured above) achieved £3.08m, making it the largest lot sold on the day.
In London, a corner property in Fulham, SW6, with a shop and residential accommodation on the first, second and third floors raised £1.54m. It has planning permission for four flats.
Investments in the regions also performed well: a block of 10 flats in Oadby, Leicester, raised £1.54m, a yield of 5.84%.
Gary Murphy, partner and auctioneer, said: “Both investors and developers are concerned about the country’s political future and speculation has given way to inaction.
“But despite this, there’s a clear willingness to get on with business – but at the right price. Getting the reserves right has never been more important.”
Among the unsold lots were two London flats owned by Robert Ekaireb, who was jailed for 22 years in January 2014 for murdering his pregnant wife, Lihau Cao, in 2006.
The flat on Hans Crescent, Knightsbridge, SW1, with parking, is guided at £3.4m-plus and the second property on Grosvenor Gardens, SW1, is guided at £1.6m-plus.
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