"Since the release of our November auction catalogue, we’ve had an autumn budget, a US election, and an interest rate reduction - plenty for investors to digest. Despite this, our sale was incredibly successful, achieving a 78% success rate, which far outstrips the market norm"
- Richard Adamson - Allsop
Property auction house, Allsop raised £87.8m in total over a two-day period through separate commercial and residential auctions held in November.
The commercial auction kicked off the week, raising almost £51m from the sale of 63 lots at a success rate of 80%. This sale brings the total raised so far this year to £413m through the sale of commercial property, with 526 lots sold and 119 lots achieving prices in excess of £1m, reflecting an overall success rate of 88%.
With assets sold across all sectors, highlights include an office in Holborn, London, which sold for £5,500,000, comprising a 12,439 sq ft site let at £413,250 p.a.
The following residential auction raised £36.8m from the sale of 82 lots at a success rate of 78%, with eight lots selling for over £1m. Highlights include the sale of a rare unbroken street of 22 freehold houses and two freehold mixed-use buildings in 28 Dock Road, Gloucestershire, which sold for £2,500,000 from a guide price of £1,575,000.
George Walker, partner and commercial auctioneer at Allsop, said: “The then-pending government budget announcement cast a cloud over the market, but on the day buyers responded well. We saw many familiar faces bidding for the first time in a few years - a clear sign they see the market improving from here.
“Rates clearly won’t be falling as fast as some had suggested, with the budget introducing new inflationary pressures. However, they are falling, which should strengthen demand for our final sale of the year on December 11th.”
Richard Adamson, managing partner and residential auctioneer at Allsop, said: “Since the release of our November auction catalogue, we’ve had an autumn budget, a US election, and an interest rate reduction - plenty for investors to digest. Despite this, our sale was incredibly successful, achieving a 78% success rate, which far outstrips the market norm.
"In the past three weeks, we have sold almost £100 million of residential property under the hammer, demonstrating once again the resilience of the residential property market and reinforcing growing confidence in the sector. We are still taking instructions for our December 18th and 19th auction, which already promises to be of high quality.”
