Allsop’s latest residential auction generated £55m in sales, with 134 lots sold – the largest amount raised by the team since September 2021.
Buyers placed 4,203 bids, with 818 registered bidders.
Despite the sharp increases in build costs and supply chain disruption, lots in need of redevelopment remained popular, alongside the more traditional investment types such as ground rent investments, regulated tenancies and properties subject to ASTs.
Richard Adamson, partner and auctioneer at Allsop, said: “We are pleased with the result of our June residential auction as it demonstrates the resilience of the residential property market, even amidst the current political and economic climate.
“It is evident that there is a strong appetite for well-priced investments and developments across the country, as buyers are looking at the residential market as a safe haven from the poor returns in the bank and rising inflation rates, especially compared to riskier alternative investment opportunities.”
Auction highlights include:
- Lot 25: a freehold unbroken mid-terrace building offering 12 self-contained flats in Notting Hill, W11, producing a rental income of £70,000 per annum, sold for £4.9m (GIY 1.4%)
- Lot 45: a development site with planning consent for seven houses, situated in Ball Hill, Newbury, sold for £2.5m
- Lot 44: a former register office in Walthamstow attracted more than 160 bids from 14 bidders. It sold for £2.4m, in excess of its £1.6m guide price
- Lot 33: a freehold ground rent investment in Bloomsbury, WC1, offering 106 self-contained flats sold for £985,000 from a guide price of £650,000 (GIY 4.89%)
Allsop’s next residential auction will be held online on 4 August.
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