Allsop Residential’s latest auction, held at the Cumberland Hotel on 25 May, provided a welcome shot in the arm for London and national property markets, with over 81% of the lots now sold at a combined total of £72.4 million at an average of £395,000 per lot.  

The biggest selling lots on the day were a six bedroom mid terrace house in West Hampstead (Lot 46) that sold for £2.505 million and a large former home for the blind on a private estate in Harrow (Lot 25) which raised £2.5 million.  

Partner and Auctioneer Gary Murphy commented: “With two weeks to the election and a general softening of success rates across the auction industry, careful management of sales prior and close attention to pricing on the day was critical to the outcome of our May sale.  

“The room responded very well and, from the start, bidding was enthusiastic across a broad selection of values and locations. It just felt a little easier than our March sale. There’s still a strong appetite for residential property – but it remains price sensitive.”  

Other notable sales included a building in Whitechapel, London E1 (Lot 55) with planning for a retail unit and seven apartments which sold for £2.355 million against a guide price of £2 million; a Grade II listed house in Coaley, Gloucestershire (Lot 17) with six bedrooms, a separate barn conversion and an orchard, which raised £1.555 million; and a five storey commercial building in West Bromwich (Lot 63) with permitted development consent for conversion to provide 47 dwellings, which was sold for £1.45 million against a guide price of £1 million.  

Entries are now being taken for Allsop Residential’s next auction, which will take place at the Cumberland Hotel, Great Cumberland Place, London W1 on 20 July.