April Residential Auction raises £43m amid signs of growing confidence in the market

• £43m raised through the sale of 146 lots at our April residential auction
• Value-add and income-producing lots draw fierce bidding
• Our next residential auction takes place on 9^th May

Our April residential auction raised £43 million through the sale of 146 lots, representing a success rate of 90%, and seeing income-producing and value-add opportunities demonstrate growing confidence in the property market.

One of the most popular lots sold under the hammer was a freehold terrace of four buildings in Margate, arranged as 23 self-contained flats producing an income of £167,100 a year. Following bidding from over 30 parties, it went on to sell for more than double its guide price of £800,000 at £1.78m.

The success rate of 90% is significantly higher than the industry average of 73%, which is a testament to the relationships, knowledge, experience and expertise of the team.

Other properties on offer at the residential auction ranged from a freehold apartment building in Barnsley to a fully-let, mixed-use corner building in Spitalfields, east London, and a property consisting of nine one-bed flats in Acton, west London, that sold for more than £2 million.

This latest auction follows on from the success of our sales in the first quarter, which saw our residential and commercial auction teams collectively raise more than £238 million. We also recently announced that Richard Adamson, who leads the residential auctions team, has taken up the post of managing partner (residential) alongside the appointment of Mark Gower as managing partner for the commercial property side of the business.

Richard Adamson, managing partner and residential auctioneer, said: “We are delighted with the success of our fourth residential auction in 2024. The success rate of 90% is significantly higher than the industry average of 73%, which is a testament to the relationships, knowledge, experience and expertise of the team.

“We are continuing to see signs of growing confidence in the market with more buyers returning in response to a less turbulent economic backdrop in comparison to 2023. There is clearly strong demand for income-producing investments across the country and value-add opportunities, although pricing is key. Our next auction on 9^th May is just a few weeks away, and we look forward to continuing to build on our momentum.”

Further highlights from Allsop’s April residential auction include:

• Lot 18: 1-3 High Street, Acton – comprising nine self-contained one-bedroom flats producing £127,200 per annum, with one flat vacant. The property sold under the hammer for £2,015,000, reflecting a GIY of 6.31%.
• Lot 20: Spitalfields, London E1 – a freehold four-storey corner building, comprising a retail unit and five letting rooms. Fully-let, it produces an income of £109,320 per annum and sold under the hammer for £1,330,000, reflecting a GIY of 8.21%.
• Lot 108: Barnsley, South Yorkshire – a freehold detached block of flats internally arranged to provide 12 two-bedroom self-contained flats. The property generated significant interest, with 38 bidders registered, going on to sell for £730,000 from a guide of £275,000+.

Our next residential auction will be livestreamed on the 9^th May. The catalogue can be viewed online here.