"Raising £43.5m with a success rate of 71% is a very strong result, especially on the day that the Bank of England raised interest rates by half a percentage point to 5%"
Auctioneer, Allsop, has revealed that its second in-room auction since the pandemic and fourth residential property auction since the start of the year raised £43.5 million from the sale of 114 lots with a success rate of 71% and 10 lots selling for more than £1m.
Buyers were able to choose from a wide range of investment and development opportunities across the UK, including houses and flats, ground rent investments and land as well as less conventional investments, such as air space, a care home and a former church.
Richard Adamson, Partner and Auctioneer at Allsop, said: “Following our much-anticipated return to the ballroom in May, our June catalogue was eagerly awaited and very well received. Raising £43.5m with a success rate of 71% is a very strong result, especially on the day that the Bank of England raised interest rates by half a percentage point to 5%.
"We witnessed strong demand for well-priced income-producing investments and value-add opportunities such as sites with planning consent or redevelopment potential, which seems to be an ongoing trend.”
“As ever, pricing is key in a market that has become more reliant on cash investors over the past few months. In challenging times there is always a flight to quality and therefore the adage ‘location, location, location’ has never been more accurate. Our result does send a very clear message that well-priced and well-located assets are still very much in demand, and the auction is the preferred route of sale for many vendors in turbulent times when selling swiftly, with certainty and at the best price is one of the primary objectives.”
