Allsop sold 228 properties at their latest residential auction raising £44 million with a success rate of 82%
The 1st November was testament to the sustained demand for residential property despite the continued fragility of economic conditions. As Nationwide, Building Society reported a 0.6% increase in house prices for October, Allsop successfully sold 82% of their 278 nationwide catalogue to the busiest room of 2012 to date.
The lots offered in the auction represented a broad range of investment, development and owner occupier property from the Isle of Wight to Glasgow. The average lot size across London and the regions was £193,500.
London, now the third most expensive property location in the world and undeniably the strongest market in the UK, represented 23% of the catalogue. The average lot size within the M25 area at the auction was £312,150.
Speaking after the auction, auctioneer and partner for Allsop Gary Murphy commented
“Our November auction saw by far the busiest room we have seen for many years. Buyer demand for London lots remains strong and bidding is highly competitive. UK buyers were outbidding foreign investors particularly in the London postcodes. Whether a property is located in prime central London such as Mayfair or an up and coming area such Dalston, London continues to be regarded as a secure investment. “
Properties with potential for improvement received a lot of attention due to the appeal to add value. Examples for this included lot 104, a freehold detached building with redevelopment potential in Dalston E8. The lot received the highest amount of buyer interest leading up to the sale and sold under the hammer for £1.12M, the largest lot of the day.
Lot 38, a one bedroom flat in Egerton Gardens, Knightsbridge, also received a high volume of competitive bids due to its prime location and short leases, which offered potential for adding value. This lot sold for £250,000.
Spotlight on Yorkshire
21 lots were sold in the Yorkshire area, 13 of these were vacant properties appealing to the owner occupier market. The average lot size for Yorkshire was £94,310 and the vacant average lot size was £79,080.
There was national investor demand for property based in Yorkshire, a clear argument in favour of centralised sales for regional lots as only one of the buyers is local to the area. The rest of the buyers are located across the UK including London, Devon and Southampton, a buyer pool only achievable through an intense national marketing campaign.
Highlights in Yorkshire included six units within the Skyline Apartments development located in Central Leeds. These included one studio, two one bedrooms and three two bedroom apartment (lots 57, 58, 59, 60, 61 and 62) with an average lot size of £92,166. Lot 102 a three bedroom vacant freehold house in Beeston sold for £88,500 and the largest lot in Yorkshire, lot 221 a long leasehold upper parts comprising seven self-contained flats, sold for £365,000 with a gross initial yield of 9.11%.
Lot 79 – a Scottish Manor house in approximately 26.65 hectares (73.26 Acres) of grounds.
The Torbeckhill Estate, Waterbeck, Dumfrieshire, Lockerbie, Scotland, DG11 3EX
Lot 226 – Freehold detached seven bedroom house in Northern Ireland
Ballymoney, 5 Carrowcrin Road, Armoy, Co. Antrim, Northern Ireland, BT53 8YL
Lot 220 – Historic freehold Grade II Listed Country House, Two Listed Barns, Further Outbuildings and Two Paddocks
Colchester, Marks Tey Hall, London Road, Marks Tey, Essex, CO6 1EH
Lot 212 – London W1 leasehold two bedroom first floor flat
London W1, Flat 4, 96-100 New Cavendish Street, W1W 6XN
Gross initial Yield 4.29%
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