Allsop concludes the year raising over £368.5m in residential sales

• UK’s leading property auctioneer raises £48.5m in December from the sale of 135 residential lots, with nine lots selling at over £1m
• This brings the total raised for the year to over £368.5m
• The highest value lot to sell was a Grade II* listed Georgian manor house in Gloucestershire, sold at £3.16m from the guide price of £2.5m+

Allsop’s final residential auction of 2022 raised £48.5m from the sale of 135 lots, resulting in a success rate of 76%. The highest value lot, a Georgian manor house in Gloucestershire, sold for £3.16m, having been originally guided at £2.5m+, following fierce bidding which saw 22 investors compete for the property.

Buyers from across the UK and beyond were invited to choose from a broad range of development and income-producing opportunities, including houses, sites with planning potential, apartments, and mixed-use assets.

Richard Adamson, partner and auctioneer at Allsop, said: “Recent months have been challenging for the residential property market, and the sector has undergone a price correction in response to an increase in interest rates, the cost-of-living crisis, the rising cost of construction materials, and political instability.

“However, as our December auction results demonstrate, activity in our market has anything but stalled – there’s still a strong appetite for well-located and appropriately priced assets among developers and investors from all corners of the country.

“While well-located and well-let investments remain in high demand, yield is of utmost importance as investors seek higher returns to reflect the increase in borrowing costs. This has also driven demand for land with development potential as greater numbers of buyers look for value-add opportunities. We anticipate a busy 2023 and look forward to reconvening in the virtual ballroom in February.”

Auction highlights include:

• Lot 72: a freehold Grade II* listed Georgian manor house extending to 14,565 sq. ft in Gloucestershire and the highest value lot of the auction, which sold for £3.16m (originally guided at £2.5m+)
• Lot 100: five freehold apartment blocks in Halifax comprising 41 flats, which sold for £1.96m (originally guided at £1.6m)
• Lot 17: a freehold garage site with planning potential in London and one of the most popular lots, which saw interest from 22 bidders and ultimately sold for £1.28m (originally guided at £425,000+)
• Lot 21: a freehold mixed-use building comprising a retail unit and five self-contained flats in London, which sold at £1.1m (originally guided at 1m+)

Allsop’s next residential auction will take place virtually on 16^th February 2023.