Eight lots sold for more than £1m at Allsop’s October residential sale as the auctioneer said that it was seeing no price slump for homes sold at auction.
Allsop raised a total of £39m at its 31 October sale, achieving a 78% success rate. A total of 12 of the 190 lots offered were guided at more than £1m.
“As has been characteristic of the entire year, buyers are hoping for deals but sellers are holding their ground,” said Allsop auctioneer Gary Murphy. “Transactions are happening nevertheless and values are therefore holding up.”
The lot sold with the highest price was a 1,463 sq ft two-bedroom mansion flat (pictured) in South Street, Mayfair, W1, which Allsop said changed hands prior to the auction for “substantially” more than its £1.7m guide price.
The most valuable lot to sell under the hammer was a freehold part-reversionary ground rent investment secured upon 36 flats at Regal Court, Edmonton, N18. It was sold on behalf of a charity for £1.5m.
However, the lot with the highest guide price, a 0.5 acre development site in Bellingham, south-east London, guided at £2.7m, failed to sell. The site is occupied by light industrial buildings, but has planning permission for 14 mews houses, four self-contained flats and two commercial units.
In total, 21 sales included investments let on assured shorthold tenancies, showing an average yield across the UK of 9.6%.
Allsop’s next residential sale will be held on 17 December at the Intercontinental London Park Lane, W1.
