Allsop Residential’s first auction of 2016 proved a spectacular success, raising £74.8 million, representing an impressive increase of 38% on its total for February 2015. With 283 lots across the whole of the UK up for sale, the auction offered a broad choice of opportunities for investors, developers and owner-occupiers alike.   Higher value properties were particularly popular, with 19 lots selling for £1 million or more, at an average price of £2.82 million.  

Partner and Auctioneer Gary Murphy commented: “This is one of the highest sales totals achieved in recent years and a huge jump from our total sales this time last year. I think that was possibly due in part to some sellers looking to take advantage of what they hoped to be an increase in demand from buyers hoping to save the 3% marginal stamp duty payable on second homes and buy to lets from 1 April.   “The surge in single unit London values shows no sign of abating in the room. The average price achieved was over £610,000, whereas outside of the M25 the average figure was £153,000. That said, auctions offer good value for money for occupiers.”  

One notable trend was the success of selling office buildings with permitted development rights (PDR) at auction. £8.05 million was raised from lots of this type, representing over 10.75% of the final sales total. Meanwhile, 11 different Housing Associations chose to sell through Allsop and of the 29 lots on offer, all were sold.   Allsop Residential’s next auction will take place at the Cumberland Hotel, Great Cumberland Place, London W1 on 30 March.