Property investors turned out en mass as Allsop held its latest residential property auction in central London.
The sale, which took place at The Cumberland Hotel on Great Cumberland Place, featured 330 lots, and despite political uncertainty, the auction room remained buoyant, although investors were highly selective, not to mention price-sensitive.
More than £52m was raised as investors snapped up a wide selection of properties, including lots with redevelopment potential and high-value luxury properties from across the country, but ultimately investors sought good quality and value for money.
Properties offered for sale in Northern Ireland, Liverpool and Leeds, performed particularly well, outstripping lots across the rest of the country.
The best performing region, Northern Ireland achieved a 91% success rate, compared to the July auction average of 73%.
Richard Adamson, partner at Allsop, commented: “Lots in the regions, particularly Northern Ireland and the North stormed ahead of their South-East counterparts as investors turned out in high numbers to purchase stock offering the more competitive yields and more affordable capital values.
“Despite political uncertainty, there was good appetite in the room with sensitively priced properties performing the best.”
At a glance
|Property Type||Yields||Average Lot Size|
|Ground Rents (80 yrs+)||3.27%||£64k|
|Property Type||Average Lot Size for Single Vacant Units|
|Within the M25||£388k|
|UK excluding M25||£191k|
The full results can be viewed by clicking here.