The stamp duty increases that have hit buyers of investment property and second homes have become more accepted, according to Allsop after it raised £64m with a success rate of 80% at its first residential sale of 2017.
A total of 196 lots were sold, with 168 purchased in the room and 21 sold prior.
The highest-priced lot to sell under the hammer at £2.1m, was a vacant four-bedroom penthouse on the ninth and tenth floor of an apartment block in Belgravia, SW1.
The sale attracted a large crowd, with many new faces attending to bid for one lot only.
Allsop partner Richard Adamson said: “The taxation rises have been absorbed partly by buyers incurring some of the cost and partly by vendors having to be a little more realistic with their expectations.”
He added: “I have not spoken to a single buyer or seller that has decided to completely dismiss the residential sector in favour of commercial. In fact, a large proportion are active in both markets.”
Two lots were sold with permitted development rights in place; one, Stoner House in Crawley, West Sussex (pictured), sold prior for well in excess of its £7m guide, while the other was knocked down at 40% above the guide price.
“We have a large list of buyers actively seeking similar stock,” Adamson said.
The sale took place at the Cumberland Hotel, W1, on 16 February.
