Allsop return to the ballroom and raise £46.5m at May residential property auction

• Allsop raises £46.5m from the sale of 135 lots at its latest auction
• The May auction yielded a success rate of 80%

Allsop, the UK’s leading property auction house, raised £46.5m from the sale of 135 lots in its May residential auction, representing a success rate of 80%.

The first auction Allsop has held in the room for over three years as a result of the pandemic, bidders competed in-person, online and via telephone for the lots that went under the hammer. With an 80% success rate, it proved to be one of Allsop’s most successful residential property sales on the day of the auction itself in recent years.

Properties on offer at the auction included residential and mixed-use assets across the country, including both investment and development opportunities such as two freehold buildings in Leicester used for student accommodation, a freehold building in Hampstead, north London, and a site with development potential in Peterborough, that sold for five times the guide price.

Richard Adamson, partner and auctioneer at Allsop, said: “Held on the same day that the Bank of England increased its interest rate yet again, the success rate at our first in-person auction for three years is a testament both to the attractiveness of auctions as a means for investors to deploy cash and to the appeal of our multi-channel offering for residential property sellers to maximise value in a timely fashion. There remains a strong market for a range of asset types, subject to pricing being correct, and the auction provides compelling proof of that.

“It has been an absolute joy to return to the ballroom – and, based on the success of the day itself, clearly our vendors and buyers feel the same. We’ll continue to adapt, innovate and tweak our platform, including holding some online-only auctions when it makes sense to do so, with a sharp focus on securing the greatest outcomes for our clients.”

Auction highlights include:

• Lot 19: Cricklewood, London. A freehold mid terrace HMO building internally arranged as seven letting rooms fully let producing £68,880 p.a., which sold for £1,075,000, reflecting a gross yield of 6.4%.
• Lot 33: Hampstead, London. A freehold double fronted building comprising two shops and two maisonettes. Fully let and producing £61,500 p.a, it sold for £1.23 million, reflecting a gross yield of 5%.
• Lots 46 & 47: Leicester. Two freehold buildings providing a total of 61 student letting rooms producing a total of £317,000 p.a., which sold as two separate lots for £1.5 million each.
• Lot 161: Peterborough, Cambridgeshire. A freehold site extending to two acres with potential for development, which sold for £1m from a pre-auction guide price of £200,000.

Allsop’s next residential auction will be held on 22^nd June 2023 at The Berkeley Hotel in Knightsbridge.