Allsop’s first ever auction to be held in August raised £27m on 83 lots – a success rate of 84%.
The success rate reflects the ongoing strong demand in the residential market. The auction attracted more than 650 bidder registrations. More than 3,284 bids were placed, with some lots receiving more than 150 bids.
The highest value lot to sell on the day was a freehold building with seven self-contained apartments in Elephant & Castle, SE1 (lot 60), which sold for £1.39m.
Other highlights included a former education facility in Swansea (lot 83, main picture) with potential for redevelopment, which sold at £217,000 – almost five times the £45,000 guide price.
A freehold building in Thornton Heath with development potential (lot 24), which was guided at £570,000, sold for £1.31m. A three-bedroom semi-detached house in Sevenoaks (lot 12) also sold at well over its guide price. It was knocked down at £378,000 on a guide of £225,000.
Richard Adamson, partner and auctioneer at Allsop, said: “The success of our August auction, held at the peak of the summer holiday season, has demonstrated the depth of demand for residential property investments, which remains reassuringly high. Thanks to the online format, bidders are no longer tied to a specific location and can execute trades from the comfort of their sun loungers around the globe.
“We look forward to welcoming buyers back into the virtual auction ballroom at the end of September and hope the gradual easing of travel restrictions will remain on track, opening up new opportunities for foreign capital.”
To send feedback, e-mail newsdesk@eg.co.uk or tweet @EGPropertyNews
