Allsop posted a £53million sales result at its final residential auction of the financial year at the end of March.

This brings the UK residential sales total for 2015/16 to £470million – £981million including UK commercial sales.

Of the 253 lots on offer in March, the majority – 31 per cent of the total – were situated in London.

Partner and auctioneer, Gary Murphy, said, “We were are aware 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.”