Allsop Residential’s first auction of 2016
proved a spectacular success, raising £74.8 million, representing an impressive
increase of 38% on its total for February 2015. With 283 lots across the whole
of the UK up for sale, the auction offered a broad choice of opportunities for
investors, developers and owner-occupiers alike.
Higher value properties were particularly
popular, with 19 lots selling for £1 million or more, at an average price of £2.82
Partner and Auctioneer Gary
Murphy commented: “This is one of the highest sales totals achieved in recent
years and a huge jump from our total sales this time last year. I think that
was possibly due in part to some sellers looking to take advantage of what they
hoped to be an increase in demand from buyers hoping to save the 3% marginal
stamp duty payable on second homes and buy to lets from 1 April.
“The surge in single unit London values
shows no sign of abating in the room. The average price achieved was over
£610,000, whereas outside of the M25 the average figure was £153,000. That
said, auctions offer good value for money for occupiers.”
One notable trend was the
success of selling office buildings with permitted development rights (PDR) at
auction. £8.05 million was raised from lots of this type, representing over
10.75% of the final sales total. Meanwhile, 11 different Housing Associations
chose to sell through Allsop and of the 29 lots on offer, all were sold.
Allsop Residential’s next auction will take
place at the Cumberland Hotel, Great Cumberland Place, London W1 on 30 March.