Allsop Residential finished the financial year by raising £53 million across 263 lots on offer at its latest auction on 30 March, bringing the total for 2015/2016 to £470 million for UK residential sales.

The catalogue contained Allsop Residential’s usual diverse range of investment opportunities, including residential development sites, buy to let investments, office buildings with permitted development rights, freehold ground rents and former medical facilities. Although the majority (31%) were in London, locations ranged right across the country, from Glasgow to Penzance.  

Partner and Auctioneer Gary Murphy commented: “We were aware of a degree of uncertainty in the market leading up to this sale, not least as a result of stamp duty and tax relief changes affecting the buy-to-let sector. Whilst it’s clear that the new rules will affect the buying and selling decisions of many investors – particularly those with higher borrowing requirements – the word in the room was that the show must go on. There will be adjustments to pricing but, after that, investment demand is sustained.  

This has been a very encouraging sale overall. The total exceeds our March 2015 total (£51m) and there are several significant lots close to exchange post auction. The next financial year looks like it will be an active one in the sale room.”  

Among the highlights of the auction were a 1.73 acre site in the centre of Nottingham with planning consent for 350 residential units, which sold for £2.6 million, and a one bedroom flat on a long lease in Chelsea which fetched £850,000. The top sale of the day was £5.95 million for a 0.57 acre site with residential potential in Kentish Town in London.

Entries are now being taken for Allsop Residential’s next auction, which will take place at the Cumberland Hotel, Great Cumberland Place, London W1 on 26 May 2016. The list will close on 29 April.