Allsop's auctioneers Duncan Moir and George Walker discuss the results of their May 2012 commercial property auction. The video contains commercial property analysis.
Our May 21st Commercial Auction was the biggest sale since October 2011 raising £49.1M, a 10% increase over March.
There has been good activity since and we anticipate securing a further £10m of disposals in the next few days.
The overall mood was one of measured caution: buyers continue to chase quality, both for good locations and strong income flows. However, accurate pricing is key, and there were a number of ambitiously priced investments which were left unsold. The success rate at 65% shifted our average for the year down to 74% against an industry average of 66% (EI Group).
We have shown some examples of the range of lots that we sold, and set out the regional spread of sales. There was a bias to London and the South East, but over £13m was sold in the regions, from Cornwall to Scotland, with 61% of the buyers being based within 30 miles of the property purchased.
It is encouraging that our buyers are clearly able to access finance, with 30% of those that we asked using bank lending to support their purchases.
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