Investor caution remained a key factor at Allsop Residential’s latest auction, which achieved a success rate of 77%, selling 138 lots at a total of £38 million with an average lot size of £276,000.
With pricing in the market being highly sensitive, greater interest and stiffer competition in the auction room was apparent where sellers were willing to adjust guide prices to match current conditions.
Some of the more notable sales included: a Grade II listed former mill in Stockport with planning permission for a mixed use development, which sold prior for over £7 million; a block of 12 flats in Leagrave, Bedfordshire – with a total rent reserved of £54,810 and two flats vacant, it sold for £1.165 million; and a long leasehold three bedroom flat in Hendon NW4, which sold for £1.25 million.
Entries are now being taken for Allsop Residential’s next auction and should be submitted by 17 August. The auction itself will take place at the Cumberland Hotel, Great Cumberland Place, London W1 on Thursday 13 September.