Allsop raises £42m from residential auction as buyers seek to combat inflation

• UK’s leading property auctioneer raises £42m in February from the sale of 122 lots
• The highest-value lot to have sold under the hammer (for £2,585,000) is a freehold building in Lambeth with restaurant premises and 17 flats

Allsop’s first residential auction of the year generated £42m worth of sales, with 122 lots sold. On the day of the auction, buyers placed 4,751 bids, with 1,036 individuals having registered to participate in the sale.

Richard Adamson, partner and auctioneer at Allsop, said:

“We are pleased with the result of our first residential auction of the year – clearly, buyers are increasingly on the lookout for investment opportunities which would help them safeguard their cash against the effects of inflation, which has reached its highest level in the past 30 years. With a large proportion of our auction participants being cash buyers, recent interest rate rises haven’t had a significant impact on our market.

“Lots in need of development have performed well despite the pandemic-induced increase in build costs and supply chain disruptions as buyers seek opportunities to generate value. We look forward to bringing further opportunities to the market and welcoming regulars as well as newcomers to our March auction, which will take place online.”

Auction highlights included:

• Lot 32 in Lambeth, London – a freehold detached building, arranged to accommodate restaurant premises and 17 flats, producing over £170,000 of rental income per annum, sold for £2,585,000 (GIY 7.63%)
• Lot 88 in Worthing – a freehold detached block of 10 self-contained flats, sold for £2m (GIY 6.61%)
• Lot 1 in Solihull – a freehold detached bungalow with gardens, which was among the most popular lots on the day of the auction, receiving 114 bids and selling for £426,000
• Lot 43 in High Wycombe – freehold detached warehouse buildings and a site with planning permission for nine houses, sold for £1.5m