The Residential Auction Team had a promising start to the year raising £47 million. 185 lots were sold in total at the Cumberland Hotel on Thursday 12th February, with a success rate of 80% and an average lot size of £255,450.

These figures show that the increasing competition experienced at auctions throughout 2014 is set to continue, especially in the London region.

Auctioneer Gary Murphy commented: "We had anticipated a little caution at this sale in the lead up to the election. That didn't seem to have materialised."

"In particular, the surge in demand for London property that we have experienced towards the end of last year looks unabated. Within the M25 our average sale figure was £522,000. The total value raised was £33.33m."

The largest lot of the sale was in excess of £6m for the freehold of Lot 42, Waddon House in Croydon. This detached 53,600 sq ft office building with Permitted Development Rights for conversion to 60 self-contained apartments sold to a residential developer prior to auction.

The highest price achieved on the day was Lot 17, 102 Cazenove Road, London N16. From a guide price of £1.5m, this vacant freehold building arranged as five flats raised £2.22m.

Allsop's next residential sale will be held on Thursday 26th March at the Cumberland Hotel, Great Cumberland Place, London W1.