Allsop raised more than £61m at its May residential auction, with the auctioneer reporting a steep rise in the number of post-auction bids.
In total, the firm’s 30 May sale achieved a 74% success rate, with 217 lots selling out of a total 298 offered.
Allsop partner Gary Murphy said that the success rate on the day stood at 68%, but this had increased to include more than £4m of sales that took place immediately afterwards, as the auctioneer encountered a flurry of post-auction bids.
“We are actually seeing people coming forward who are bidding the reserve price or more but who didn’t make a bid while the auction was taking place,” he said.
“The current economic and political uncertainty means that bidders seem to be hanging on and looking to get best value, so we are spending a lot of time ensuring that sellers are still getting the best price.”
Hampstead lot tops sale
The highest price achieved in the sale was £4.6m for a block of 13 flats in Eton Avenue, Hampstead, NW3, reflecting an initial yield of 3.89%.
Other significant lots included a terraced home in Chiswick, W4, which sold for £1.7m, and a house in Wembley which sold for £1.38m.
Murphy said that although supply remained restricted, Allsop was seeing a steady flow of sales from institutions such as housing associations and banks.
“In general, we find that our sellers do not need to wait and they want to be sure that they are achieving best price on the day,” he said.
“That in turn is attracting a core of professional traders who are benefiting from these sales.”
Allsop’s next residential auction will take place on Thursday, 18 July at the InterContinental London, Park Lane, W1.
