Almost three-quarters of lots offered at Allsop’s final residential auction of the year sold, raising £48m.
The highest value lot, a Georgian manor house in Gloucestershire (pictured), sold for £3.16m – well above its £2.5m guide – after 22 investors battled it out for the property.
Other highlights included five freehold apartment blocks in Halifax comprising 41 flats, which sold for £1.96m off a guide of £1.6m; a freehold garage site with planning potential in London, which sold for £1.28m off a guide of just £425,000; and a freehold mixed-use building comprising a shop and five self-contained flats in London, which sold for £1.1m, just above its £1m guide.
Richard Adamson, partner and auctioneer at Allsop, said: “Recent months have been challenging for the residential property market, and the sector has undergone a price correction in response to an increase in interest rates, the cost-of-living crisis, the rising cost of construction materials, and political instability.
“However, as our December auction results demonstrate, activity in our market has anything but stalled – there is still a strong appetite for well-located and appropriately priced assets among developers and investors from all corners of the country.”
He added: “While well-located and well-let investments remain in high demand, yield is of utmost importance as investors seek higher returns to reflect the increase in borrowing costs. This has also driven demand for land with development potential as greater numbers of buyers look for value-add opportunities.”
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