"As a firm, together with our commercial auction team, we have transacted over £120m in the past two weeks alone"
- Richard Adamson - Allsop
Auction house, Allsop has announced that it raised £67.5m from the sale of 364 lots (representing a success rate of 91%) at its largest residential auction in terms of the number of lots sold since February 2009.
The highest value lot sold consisted of two freehold interlinked office buildings in Gloucester with redevelopment potential, selling at £1.9m. Other highlights include the sale of a freehold detached building comprising 29 letting rooms in Wakefield, West Yorkshire, which sold for £900,000 having been guided at £400,000.
The success of the July residential auction underscores growing seller and investor confidence in the residential market. In response to sustained demand, Allsop will be holding an additional residential auction on 29th August 2024.
Richard Adamson, managing partner and residential auctioneer at Allsop, said: "In the past three days, the Allsop residential auction team has succeeded in selling over 360 lots - the highest number since February 2009. As a firm, together with our commercial auction team, we have transacted over £120m in the past two weeks alone.
“This is an incredible achievement in what remains a challenging market. Recent months have shown encouraging signs of recovery, with more bidders returning to the market. The July sale was no exception, as we saw more competitive bidding than at any time in the past eight months and we anticipate this positive trend to continue in our August residential auction.”
