Auction success demonstrates ‘continued confidence in property’

More than 150 homes were sold under the hammer in London last week, acting as a strong indication that investor demand for residential property remains strong.

No fewer than 158 of the 214 lots offered for sales were snapped up by investors including post-auction sales - 74% sales success – at Allsop’s latest residential auction held at the Cumberland Hotel in London which raised £51.2m.

A total of 17 lots were sold for more than £1m, including Grade I listed Bere Court in Pangbourne, Berkshire, which sold for £2.15m.

Overseas buyers were very active at the auction, as illustrated by an overseas developer which paid £4.2m for a vacant pair of mixed use buildings with planning permission to partially demolish and redevelop to create two shops and eight flats.

Auctioneer Gary Murphy commented: “As the first major residential auction post-Brexit, it was important that our sale demonstrated continued confidence in property.  Auctions are a good barometer of the market and buyers are keen to get on with business.  In fact, bidding was often as heated as the weather, as bidders and observers filled the room and escaped the heatwave outside.”

“Investors remain keen to invest and we experienced significant depth of demand for long-term opportunities. Development sites or buildings with consent for residential conversion drew particularly strong competition from UK and overseas bidders.”