Allsop delivered a strong result at its May residential sale despite market headwinds and growing caution seen in auction rooms across the country. By close of business, £65m had been raised and 73 per cent of all lots offered were sold. Post-auction sales have since taken the final total to £67.4m with a 75 per cent success rate.
300 properties were lotted, one of the largest catalogues of the year. However, buy to let investors who have been hit with tapering tax relief and the stamp duty surcharge against a backdrop of political uncertainty responded by exercising caution on the day.
However, sensitively priced and high quality lots were particularly sought-after. These included a number of investments in London and the South East. Lot 76, an unbroken block of flats in the affluent commuter town of Royal Tunbridge Wells (pictured) achieved £3.08m – the largest lot sold under the hammer on the day.
Gary Murphy, Partner and Auctioneer at Allsop said, “We are acutely aware of increasing caution in the market across many sectors. Both investors and developers are concerned about the country’s political future and speculation has given way to inaction.
“Despite this, there’s a clear willingness to get on with business – but at the right price. Getting the reserves right has never been more important.”