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Allsop hosts UK’s biggest ever single day residential auction

Allsop raised over £90m at last week’s auction with 81% of the 285 lots offered sold, as confidence returns to the market.

PROPERTYdrum

allsop_residential_auctionAllsop’s third residential property auction of the year, held last week, smashed the record books to become the UK’s biggest ever single day residential auction.

The sale on Thursday 28th May, held at an extremely busy Cumberland Hotel in central London, raised £91.2 million, with 81 per cent of the 285 lots offered sold.

No fewer than 21 lots sold for more than £1 million, which Auctioneer Gary Murphy (right) believes was a good indicator of the health of the investor market post-election.

“This was a very different sale room to anything we have experienced this year,” he said. “And it might have been very different were it not for the election result. We have seen a far more stable and confident market place today with some very strong prices paid.”

He added, “This was no doubt a challenging catalogue given the number of lots and the significant value of stock offered. But the level of activity and depth of appetite in the market is reassuring. Whilst, as always, pricing is key to results and this sale bodes well for auctions over the next few years.”

The huge residential sale came just days after Allsop’s commercial auction division raised more than £65 million with 84 per cent sold.

Duncan Moir, Partner and Auctioneer at Allsop, said, “The market has responded to the removal of political uncertainty with vigour, with many investors finding they had to dig deep to be successful.”

Allsop’s success last week is the latest indication that property auction market conditions are improving.

james_emson_allsopSpeaking after Clive Emson had concluded a five-day auction from Cornwall to Essex last week, raising a total of £11 million from 122 lots – 75 per cent sales success – the firm’s Managing Director, James Emson (left), agreed that “confidence is continuing to return to the market”.

“Demand is growing across the board, particularly for investment properties offering significant potential for capital growth as well as strong rental yields,” he said.

Savills also recently enjoyed a highly successful residential auction, selling more than £40million worth of properties, with an 88 per cent sales success rate.

Chris Coleman-Smith, Head of Savills, commented, “The General Election had a limited impact on auction buyers, with standing room only at three of our London auctions so far this year and a total of over £145 million worth of property sold. Cheaper stamp duty rates for the mainstream market continue to provide bidders with an extra bit of room to manoeuver.”

Meanwhile, Network Auctions has been instructed to sell a property that the company believe could possibly become the highest value single UK residential auction sale ever.

Network Auctions has been instructed on Thakeham Manor in West Sussex, a unique property that has recently been in the open market at a guide price of £6.6million and which has been independently valued by a Chartered Surveyor at £6.75million.

The family residence, which extends to some 11.683 sqft of accommodation, also has 16 acres of grounds featuring a trout lake, tennis courts, swimming pool and golfing green. What’s more, there is garaging for three vehicles and a helipad.
The property will go to auction at the Grosvenor House Hotel in Park tony_limbrick_network_auctiLane on Thursday 9th July.

Toby Limbrick (right), Managing Director of Network Auctions, said, “We are naturally delighted to have been selected as auctioneers on this incredible property which we are certain will attract interest from buyers in the UK and abroad.”

June 11, 2015

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