Allsop Residential held its final sale of 2015 on 17 December and raised a total of £68.6 million. This brings the amount sold through Allsop’s residential sales in 2015 to over £457 million, setting a new record for the amount raised by the residential auction department in a single year, and establishing its number one position in the market.  

The catalogue was characterised by larger lot sizes, with 13 lots selling for over £1 million. The largest lot sold under the hammer was a freehold 11,700 sq ft office building in Leatherhead with permitted development rights for residential, which sold for £2.9 million.

 

Partner and auctioneer Gary Murphy commented: “The room wasn’t as crowded as previous sales this year, but there was definitely a determination to buy. Many of the bidders reported that they were finding prices very steamy across all property types. And this wasn’t just London. Provincial and regional locations are on the rise as buyers look for value outside the capital.”  

An example of this trend was a 0.378 acre site in Leicester. Situated on a busy road junction, and with no planning permission, it sold for £700,000 from a guide price of £500,000.  

Gary Murphy continued: “We also sensed that the buoyancy in the room reflected buyers’ eagerness to invest before the 3% stamp duty hike on buy-to-let investments and second homes, which is due next April. There’s no doubt that this will be reflected in prices paid in the new financial year. As a result of that, we are advising our clients to take advantage of our February auction sale.”  

Murphy cited a vacant three bedroom flat in Wandsworth as an example of this improved demand. It had been offered in October at a guide price of £400,000, but failed to sell. It was then reoffered in December with a reduced guide price of £375,00 and was knocked down for £450,000.