Auctions

Allsop announce February auction raises £53m

Property Reporter
|
24th February 2021
Auction 822

UK property auctioneer, Allsop, has announced that its first online residential auction of the year resulted in the sale of 152 lots, raising £53m and seeing a total of 3,936 online bids placed during the day, with 1,361 bidder registrations.

Richard Adamson, partner and auctioneer at Allsop, said: “Allsop’s first digital residential auction of the year has raised more money than our ballroom one this time last year, showing consistent buyer appetite has been largely unswayed by the change in format.

"We’ve noticed a slightly different dynamic, however, with more properties selling prior to and after the auction, which is a positive indication that the strong confidence in the residential sector experienced over the past 12 months has continued.”

The highest value lot of the day was lot 122, a former pub with adjacent land in Owlswick, Buckinghamshire, and planning permission to convert the existing building into a six-bedroom house and erect a further eight houses on-site, sold at £3.03m.

The most popular lot of the day was lot 64, a freehold building in Greenford comprising a ground-level shop and a maisonette, which received 203 bids. The building which offers an opportunity to convert the shop into a residential property and create an extension into the rear yard, sold at £363,000.

Adamson concludes: “The Stamp Duty tax relief has contributed to sustained levels of activity, but the main driver has been investors’ positive perception of residential property: it remains a safe haven and often offers value-add opportunities, which are especially appealing at a time of low-interest rates and volatility in most other
investment markets.”

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