Allsop announce H1 sales raise £351m

Allsop announce H1 sales raise £351m

Auction house, Allsop, has raised a total of £351m at its commercial auctions in 2017, as demand from investors prevailed during an uncertain political climate.

According to its Commercial Auction Summer Review 2017 released today, Allsop sold 556 lots with an average success rate of 85%. Despite a challenging political backdrop which saw the triggering of Article 50 and June’s General Election, the auction room remained resilient, culminating in a strong July sale that raised £88m - comfortably above the £70m raised in the July 2016 auction.

The first half of the year also saw a significant increase in the number of high-value lots offered; 100 lots went under the hammer for a guide price of £1m+, the largest of which – an office building in St. Albans sold at the July auction for £7.1m.

Confidence in the High Street also remained strong; of the 100 lots sold for £1m+ in H1, 76% were retail investments.
As the market continued to remain stable, emboldened buyers ventured beyond their home region, with 63% purchasing elsewhere in the UK, up by 5% since 2016.

Lots in London and the South East remained a strong focus, with 35% of the total lots offered located in the region, 62% of which were offered at £1m+.

Cash is still king with the majority of buyers (80%) relying on cash reserves to purchase their property, the highest recorded figure since the start of 2016.

Patrick Kerr, Partner, Commercial Auctions, Allsop said: “Despite the snap General Election, Brexit negotiations and all-time low interest rates, the auction room has once again taken a keep calm and carry on attitude. Real estate continues to offer consistently strong yield, and coupled with signs of rental stability, the demand for well-let, well-located investments is likely to continue throughout 2017.”

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Scott Garnet
Scott Garnet 06 Nov 2017

If you have a patio or a porch it is important to make sure that any connecting doors are secured. Good advice for sliding glass doors is replacing the panels with storm resistant glass and getting heavier...

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richardrawlings 01 Nov 2017

What has not been mentioned here is the effect of not only higher interest payments, but also that these payments are less likely to be offsettable as a business cost due to the scaling back of mortgage...

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Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

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zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

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Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

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