Allsop has announced that it has raised £53.5m across 178 transactions at its October residential auction, achieving an 82% success rate.
Investors, developers and owner-occupiers all took part, and Allsop described their appetite for sensibly priced residential opportunities as continuing despite economic headwinds and political and market uncertainty. Competition for lots was evident throughout the sale, across lot types, locations and price points.
Demand for investment assets with secure income, value-add potential or asset management and development angles proved particularly resilient, Allsop reported. Standout lots included a portfolio of five freehold terrace buildings on Park Street in Taunton and a freehold detached investment property in Barnet Gate, London.
In Allsop’s assessment, the sale also showed the auction model creating transparency and price discovery. Lots that were well positioned and realistically guided drew significant interest, and some sold substantially above their guide prices after competitive bidding. Twelve lots sold for more than £1m.
“Against a backdrop of continued economic and political uncertainty, the residential auction market remains stubbornly robust, as demonstrated by another strong set of results from last week’s sale,” said Richard Adamson, partner and residential auctioneer at Allsop.
“Committed and focused sellers who bring well-priced assets to market are continuing to find buyers, with competitive bidding evident across a broad range of residential sectors and locations. Buyers remain discerning, but where they recognise value, they are prepared to compete.
“The depth of demand we continue to see reinforces the important role that auction plays in providing sellers with speed, certainty and genuine price discovery.
“We are still taking entries for our November sale, which is already shaping up to be another large auction, and we would encourage sellers considering a sale before the end of the year to get in touch.”
