"The market environment remains challenging but the appetite for residential property is still there"
The upcoming auction will provide buyers with a long-awaited opportunity to participate in in-room bidding after more than three years of online-only sales which temporarily became Allsop’s go-to format for conducting auctions as a result of the Covid-19 pandemic and the restrictions that were introduced in March 2020.
With buyers’ convenience in mind, Allsop’s residential auction team has adopted a flexible approach to conducting auctions, with some residential sales set to take place in the ballroom, while others are exclusively online.
Allsop raised £39.6m at its March online-only auction.
Highlights of May's auction include Lot 43: a mid-terrace five-bedroom house in Charing Cross, extending to approximately 3,109 sq ft, and the highest value lot of the auction, guided at £3.8m+, Lot 37: a freehold corner building comprising 51 residential letting rooms and a bar/restaurant, with the total current rent reserved at £303,637 per annum with 20 letting rooms currently vacant, guided at £3m+, and Lot 40: a block of 18 self-contained flats in Aylesbury, with the total current rent reserved at £102,780 per annum (with six flats vacant and three flats sold off on long leases), guided at £2m+
Richard Adamson, partner and auctioneer at Allsop, said:
“We’re thrilled to be back in the ballroom, having held our auctions exclusively online since March 2020. The market environment remains challenging but the appetite for residential property is still there despite the latest base rate rise as investors seek to capitalise on attractively priced opportunities during a market slowdown and protect their capital against inflation, which remains at a double-digit high.”
