Allsop’s first ever August residential auction sees competitive bidding, raising £27m

• UK’s leading property auctioneer raises £27m on 83 lots at its August residential auction, with a success rate of 84%
• Lot 60, a freehold building with seven self-contained apartments in Elephant & Castle, sold for £1.39m- the highest value lot to sell on the day
• The August auction saw more than 650 bidder registrations, with 3,284 bids placed throughout the day

Allsop’s fifth residential auction of the year and its first ever residential auction to be held in August, raised £27m on 83 lots, with a success rate of 84%. On the day of the auction, there were 3,284 bids and more than 650 bidder registrations, with some of the most in-demand lots receiving more than 150 bids.

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”.

Auction highlights included:

• Lot 83 – a former education facility in Swansea with potential for change of use/redevelopment, sold at £217,000, almost five times the guide price (£45,000)
• Lot 60 – a freehold building in Elephant & Castle arranged to provide seven self-contained flats, which sold at £1.39m
• Lot 24 – a freehold building in Thornton Heath with development potential. Originally guided at £570,000, the property sold for £1,307,000, with bids received from 30 potential buyers
• Lot 12 – a three-bedroom semi-detached house in Sevenoaks, which received more than 150 bids, selling at £378,000, well over the guide price of £225,000.

Allsop’s next residential auction will be held online on 30 September 2021.