Allsop Residential’s September auction bucked the trend by achieving a success rate of 79% against a current industry average of 69%, selling 132 lots at a total of £50 million with an average lot size of £292,000. A positive ‘back to business’ sentiment was clearly discernable in the room despite caution in the market.
The biggest sale of the day was a freehold terrace of eleven houses in London E1 – with three houses vacant and eight houses subject to Assured Shorthold Tenancies at a current total rent of almost £268,000 per annum, the lot sold for £7.5 million.
Other notable sales included: a vacant mansion flat in Earls Court, London SW1, comprising approximately 142 sq m of accommodation that raised £1.47 million; a block of 16 flats in Luton with a current rent reserved of £72,780 plus two flats vacant and four with reversionary leases which sold for £1.61 million; and a vacant mid terrace building in Camberwell, London SE5, previously occupied as an HMO, sold for £876,000.
Entries are now being taken for Allsop Residential’s next auction and should be submitted by 27 September. The auction itself will take place at the Cumberland Hotel, Great Cumberland Place, London W1 on Thursday 25 October.