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Auction roundup – was May the most successful month for auctions yet?

In this week's roundup, PIT takes a look at the month just gone. Auction House saw record figures in the first five months of the year, and Loveitts' first auction since Covid saw plenty of interest in investment opportunities. Meanwhile, Strettons raised £8.45 million at its May sale, and SDL Property Auctions secured the sale of a variety of family homes. Lastly, Allsop's commercial auction raises highest UK total in 2022, which begs the question: was May the most successful month for auctions yet? 

Auction House reports the most successful start to 2022 on record

Auction House reports a successful 2022 so far, having sold 1,606 properties from 1,957 and achieving a success rate of 82%.


The UK auctioneer has raised a total sum of £251,207,038 so far – the first time in the company’s 15-year history that it has exceeded the £250 million milestone within the first five months of the year.

It also reports a 13% rise in the number of lots sold this year compared to 2021.

Managing director Jeremy Prior comments: “This is yet another incredible set of figures from our Auction House teams around the country. It also reflects the time of year when property buying and selling tends to be at its peak, in the period after Easter but before the summer holidays begin.”

However, Prior warns there are some signs that the property market as a whole is starting to soften. A combination of factors including the increased cost of living, rising interest rates and the impact of the crisis in Ukraine means that there is now a ‘noticeable air of caution’ amongst buyers.

“This means that vendors will have to take on board suitably realistic valuations of their properties over the coming months, in order to attract the attention of potential purchasers,” he adds. “Although, of course, the beauty of the competitive environment in an auction means that as soon as two or more individuals are keen to buy, final selling prices can still rise dramatically.”

Prior says that historically auctions have performed well in difficult times – in part by being handed properties from estate agents who may need help to make a sale.

He explains: “We now know that mortgage lending fell by more than a third in April and there are currently reports that mortgage valuations are being downgraded, which has led to several agreed private treaty sales falling out of bed. Traditional unconditional auctions are obviously less susceptible to this problem, as our sales take place on the fall of the gavel.”

“For this reason, we are already gratefully receiving a steady stream of corporate lots which were appraised at the end of last year for sale on the private treaty market. Having failed to sell there, they are now coming to us.”

Although that’s not to suggest that properties are only coming to auction as a last resort. “Over the past few years, the general public has become much more aware of the wide variety of lots that sell well under the hammer, and so make a point of coming to us first,” Prior states.

Such properties include those for refurbishment, redevelopment or extension, or with issues such as being un-mortgageable. It’s also the ideal place for tenanted properties, vacant or occupied commercial buildings, or properties being sold as an investment.

Prior concludes: “So, while the ‘froth’ may have gone from the property market as a whole, and the year ahead certainly looks more challenging, we are confident that the traditional unconditional auction method of sale will still be able to punch above its weight.”

Eager investors snap up lots at first Loveitts auction since Covid

Investment opportunities in Coventry led the way in the first live in-person auction organised by Loveitts in over two years.

Almost a quarter of the 22 lots available on the night were investment and tenanted properties, with the majority generating rental yield of between 9%-11% per annum.

Attended by over 200 prospective buyers, it was the first time in the history of the Loveitts auction that online bidders were able to potentially outbid their counterparts in person, over the telephone and by proxy – a result of Covid which saw the popular event continue online.

The majority of properties sold considerably above their guide prices, with the biggest sale of the night being a mixed residential and commercial investment in Holbrook Lane and Jackson Road in Holbrooks.

The tenanted investment, which comprises a retail unit, warehouse, café and first and second-floor residential flats, and which generates more than £63,000 a year in rent, went under the hammer for £905,000 almost doubling its £500,000-£550,000 guide price. 

Other investment properties which sold on the night included a four-bedroom mid-terrace in Britannia Street, Stoke, which fetched £160,000 and a two or three-bedroom mid-terrace in Grantham Street, Stoke, which fell under the hammer for £157,000.

Residential properties also proved to be popular. These included an attractive 3-4 bed property in Gregory Avenue, Earlsdon sold for £280,500 over £20,000 above the guide price. A three-bed property in Longford Road also proved extremely popular sparking a bidding contest both in the room and online selling for £236,000 against a guide price of between £195,000 and £215,000.

And a three-bed property in Lavender Avenue in Coundon created a bidding frenzy both in the room and online achieving a sale price of £225,500 over £45,000 above its guide price.

Sally Smith, Loveitts director and auctioneer, says: “This was the first time our buyers were able to bid using one of four methods and it was a great night, very lively with fierce bidding for some of the properties – with online bidders competing against those in the room.”

“Once again we had a real mixed bag of properties available but we are seeing a rise in the number of tenanted investments which an increasing number of buyers are realising will generate an income that cannot be matched by any bank.

 She adds: “It was a great night with a real buzz among the prospective buyers – it certainly demonstrated the continued buoyancy of the market, not least among those seeking buy-to-let opportunities.”

The next auction will take place in person and online on Thursday July 14.

Strettons raises £8.45 million at May sale

Strettons raised £8.45 million at its national property auction on May 26, selling 83% of the properties offered on the day.

The auction was buoyed by the successful sale of two £1 million-plus properties in Newham and Hampstead, which pushed the total up a considerable amount.

In Newham, a freehold office investment with development potential currently producing £52,000 per year sold for £1.22 million against a guide of £1.1 million. Meanwhile, in Hampstead, a freehold residential investment comprising a 9 unit HMO sold for £1.55 million against a guide of £1.4 million.

At the other end of the price range, a leasehold vacant two-bedroom flat in Chingford which was guided at just £45,000 sold for £119,000 – over double the guide price. In North Yorkshire, ‘The Bridge House Hotel’, a large freehold vacant Grade II listed former pub/restaurant with development potential which had been vacant for some time, sold for £240,000.

As with previous Strettons sales, a series of land investments auctioned on behalf of JCDecaux all sold for above guide. In Reading, a 9,707 sq ft site sold for £337,500, a 2,897 sq ft site in Nottingham fetched £125,000 and a 4,460 sq ft site in Middlesex sold for £450,000.

Commenting on the sale, Strettons’ director and auctioneer Andrew Brown, says: “It is clear that there is still plenty of money in the market but investors are focused on identifying properties that can deliver value.”

“All our properties that were well priced attracted interest and sold for above the guide price. This shows the importance of getting your pricing strategy correct. Overall, I am pleased with the results of the sale and our total is expected to increase further in the coming days thanks to some healthy post-event sales.”

Lots are now invited for Strettons' next sale which takes place on Thursday July 14 2022 and will once again be live-streamed with remote bidding.

Various family homes sell in May with SDL Property Auctions

SDL Property Auctions secured the sale of all kinds of homes – past, present, and future – for sellers from across the UK, including everything from small-scale renovation projects to gothic Victorian villas.

May proved a successful month for the auctioneer, which raised over £16 million in its latest auction.

One of the most anticipated lots on the day was 96 Osmaston Road in Derby, a Grade II listed property in a prominent location in the city. Currently boasting 12 bedrooms, with ample space to increase this with the necessary consents in place, the property has an abundance of potential. After going under the hammer for £595,000+ plus fees, it eventually sold for £654,000.

Also in Derbyshire, 2 Gayton Avenue was offered early on in Thursday’s sale. A traditional four-bedroomed detached house, the property is situated within yards of a local junior school, making it the ‘perfect’ purchase for a family looking to truly make their house a home. With a scheme of improvement and upgrading required, the property sold for £301,000 against a guide of £205,000+ plus fees.

 Similar results were achieved in Leicestershire as 14 Avebury Avenue sold for £276,000 off its guide price of £185,000+ plus fees. Another four-bedroomed detached house also in need of some improvements and renovations, could become a truly stunning home as it benefits from unique features such as tiled fireplaces and a sizeable back garden.  

In partnership with Wheatcroft and Lloyd, Minshull United Reform Church, a Grade-II listed chapel, also attracted a great deal of interest on auction day. With the necessary contains obtained, this has the potential to become a stunning church-conversion property. It sold for £120,000 against a guide of £50,000+ plus fees.

Andrew Parker, managing director and Auctioneer, comments: “We continue to find more and more family homes coming to auction as people look to find a secure and safe way to sell their property, with the added benefit of the speed that auction provides.”

“There is clearly the appetite from buyers to take advantage of these sales too, a trend we hope to see continuing over the coming months as we continue to make progress in showcasing auctions as an alternative route to sale no matter the requirements of you or your property.”

June’s National Property Auction takes place on Thursday June 30. Interested parties can get in touch with the SDL Property Auctions team on 0800 046 5454 or request a free sales valuation online to find out more.

Allsop’s May commercial auction raises highest UK total in 2022

Allsop raised more than £96 million in its May commercial auction – reportedly the highest total achieved in a property auction in the UK since the start of the year.

Of the 123 lots on offer, 106 were sold to private investors, demonstrating ongoing appetite for high-yielding opportunities that help offset inflation.

Buyers were able to choose from a variety of assets across the country, which included retail and pharmacy investments, offices and mixed-use schemes. Retail investments saw especially high levels of interest (representing 73% of all lots sold), following the announcement of Morrisons’ takeover of McColls and the positive signals that sent to the investment community.

Key highlights of the auction include:

  • Lot 24 – a vacant freehold industrial warehouse and offices in Bognor Regis, spanning 92,417 sq ft, which sold prior for £4.3m, making it the largest lot of the auction

  • Lot 14 – a shop (let until 2033 with no breaks) with two self-contained flats above in Islington, London, which sold at £3.6m (NIY 4.96%), making it the highest-value lot to sell on the day

  • Lot 18 – a parade in Epsom comprising shops, a nightclub and a former gym, with total rents of £128,000 per annum as well as 10,201 sq ft of vacant space, which sold at £2.45m (NIY 4.9%)

  • Boots portfolio – a total of 15 pharmacies let to Boots across the country, sold at a combined price of £21.3m, with leases ranging from three to seven years)

George Walker, partner and auctioneer at Allsop, says: “As we’re approaching the end of H1 2022, marked by uncertainty in the financial markets and geopolitical turbulence, private investors continue to see commercial property as an attractive asset class with the potential to generate high yields and long income, as evidenced by the results of our latest, record-breaking auction.”

“The virtual auction room saw the arrival of new market participants as well as returning overseas buyers, who continue to view the UK property market as a reliable destination to deploy capital during turbulent times. We look forward to welcoming new and existing buyers to our next auction, which will bring opportunities for those seeking not only to safeguard, but also grow their capital.”

Allsop’s next commercial property auction will take place online on July 13 2022.


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