"Despite a challenging market, with some investors opting to wait for the Budget before expanding their portfolios, many buyers recognised this as an opportune moment to transact"
- Richard Adamson - Allsop
Property consultancy and UK property auction house, Allsop, has successfully concluded its penultimate residential auction of the year, raising £54 million with 160 lots sold and a 78% success rate.
The highest-value asset to sell at the November auction was a freehold partially built six-storey mixed-use development in Ealing Broadway, London, acquired for £5.3 million. Once completed, the building will provide commercial premises and nine apartments.
The auction comprised a large volume of diverse lots across numerous UK locations, spanning apartments, houses, freehold land, HMOs, garages and more, offering investors plenty of choice depending on their budget, risk appetite and portfolio theme.
Highlights from the auction included:
Lot 17 – Tunbridge Wells, Kent. A freehold building comprising a total of 33 self-contained flats sold under the hammer for £3.51m from a guide price of £2.75m+
Lot 21 – Marylebone, London. A freehold terraced building internally arranged to provide an HMO producing £89,366 with two vacant flats sold under the hammer for £1.82m from a guide price of £1.5m+
Lot 28 – Highbury, London. A freehold building arranged as a restaurant on the ground floor and two flats above, sold under the hammer for £900,000
“Despite a challenging market, with some investors opting to wait for the Budget before expanding their portfolios, many buyers recognised this as an opportune moment to transact," comments Richard Adamson, Managing Partner and Residential Auctioneer at Allsop.
“We are now looking forward to releasing our final catalogue of the year ahead of December’s auction. This week’s Budget should provide investors with greater clarity, enabling them to act with more confidence. As a result, we anticipate a noticeable uplift in activity as we approach year-end.”
