Property lovers were out in force during the first residential sale of the year for auctioneers, Allsop.
The £54m raised from 200 lots recorded a strong success rate of 74% on Valentine’s Day at the new location of the InterContinental Park Lane Hotel, with more than £10.5m was generated from high value investments sold at £1m and above.
The highest price achieved under the hammer included lot 26 at £1.9m. An attractive terrace building in sought-after Chiswick, west London, this development opportunity came with planning permission for conversion into five apartments.
Investments in London, particularly those with the potential for redevelopment received enthusiastic bidding in the room. Lot 18, a development site with planning consent for four, three-bedroom houses in the London Borough of Hillingdon sold for more than £300,000 over the guide at £1.05m.
Also in the capital, lot 107, a mid-terrace property in Balham, south London, comprising of a total of six flats and maisonettes sold at £1.2m.
Outside of London, lot 182, an attractive Grade II listed manor house in Wiltshire sold at £1.12m. Set in a site spanning 4.818 acres, the manor house was formally used as a care home, and with the necessary planning consent could be converted to residential use, hotel or office.
Gary Murphy, Partner and Auctioneer at Allsop said: “This was a very important auction for us and the wider market; posting a strong result and demonstrating confidence in the residential sector for 2019 was always going to be particularly key this year. Despite caution and uncertainty surrounding Brexit, it was apparent that buyers were keen to do business as usual. There is clearly price sensitivity across most sectors, but it is reassuring to see that bidders are reacting competitively to realistic pricing.”