Allsop Residential rounded off 2018 with a strong showing at their December auction, achieving an 80% success rate and raising £58.4 million, 27% up on the same time last year. That brought the total sales for the year to £407.8 million at a success rate of 79%.
The highest value lot on the day was an unbroken freehold corner building in Brixton. Made up of three shops and nine flats, and generating over £160,000 per annum, it sold for £3.17 million against a guide price of £2.8 million.
Partner and Auctioneer Gary Murphy commented: “This is a very encouraging note on which to end a challenging year. I think that our regular clients and bidders are intent on continuing to trade despite Brexit. Business has to continue, and we expect to enter 2019 with another strong catalogue of attractive opportunities at realistic prices on behalf of a wide variety of clients.”
“In the current housing market and political environment, we were naturally cautious in the run up to auction day. As it transpired, the room was full and bidders were much keener than expected. Perhaps they were hoping to face less competition in the room than they did on the day.””
Other notable sales included: a vacant semi-detached building in Hackney, E8, comprising 1 x three bedroom and 1 x two bedroom maisonettes, that sold for £1.39 million; a vacant building in Aylesbury, internally arranged to provide ten studio flats, that sold for £815,000; and a former post office in Eastleigh, Hampshire – with potential for redevelopment, it sold for £650,000.
Entries are now being taken for Allsop Residential’s first auction of 2019 and should be submitted by 21 January. The auction itself will take place at the InterContinental Hotel Park Lane, One Hamilton Place, Mayfair, London W1J 7QY on Thursday 14 February.