Allsop’s latest residential auction raised £61m from 251 lots – a success rate of 71%.
Total sales were up from the previous residential sale in September, which raised £57.7m. But the success rate was down from 80% and was the lowest of Allsop’s residential auctions this year.
Of the 251 lots, 126 sold in the room and 20 sold prior. There were 25 lots with a guide price of more than £1m. Overseas bidders had a strong presence in the auction as they capitalised on the weaker pound.
An 11,000 sq ft mansion house with indoor pool and sauna in Winchmore Hill, N21, sold for £4.2m, and a development site with planning approval for nine flats, in Chalk Farm, NW3, sold for £3.3m.
Richard Adamson, partner and auctioneer at Allsop, said: “The general mood in the auction room was one of positivity underpinned by sensible caution. There is still concern from buyers and sellers due to the political uncertainty, but there was clearly an attitude of ‘back to business’.
“In particular, lots guided over £1m performed very well, especially given the fact that most buyers are incurring much higher purchase costs than they were a year or so ago.
“The market is moving all the time, especially regionally. Aligning sellers’ and buyers’ price expectations is as challenging as ever, but it is a sign of an unpredictable market.”
A converted fire station in East Sussex and a former health centre in County Durham were both unsold, but a vacant pub in Barnsley with planning approval for conversion into a four-bedroom house sold for £90,000.
The sale was held on 3 November at the Royal Cumberland Hotel, W1.
