Allsop held its first residential auction entirely online, raising £28m. 76% of all lots sold.
Gary Murphy, Auctioneer, said, “The auction was scheduled for 31st March but was moved to 2nd/ 3rd April to make arrangements and inform buyers and sellers. The bidder registration process required pre-payment of contract deposits and buyers’ fees. In all, over 780 unique bidders entered the registration process with more than 300 going in to place bids over the two days.
“It was a great relief to see that there is still a competitive market for residential property. As ever in times of crisis, buyers focused on quality of location and security of income. London homes fared relatively well. Ground rents remained popular. Interestingly, development opportunities remained in demand. Pricing attractively will be absolutely critical to success over the coming months.”
Whilst looking forward to holding multi-channel ballroom auctions when it’s safe, Allsop is confident that its sales online will continue to be able to clients and buyers.”