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.

Related topics:  Auctions
Warren Lewis
7th September 2017
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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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