Allsop, the UK’s largest property auction house, raised £87.8m over a two-day period through separate commercial and residential auctions this month. 

The commercial auction raised almost £51m from the sale of 63 lots at a success rate of 80%. This sale brings the total raised so far this year to £413m through the sale of commercial property, with 526 lots sold and 119 lots achieving prices in excess of £1m, reflecting an overall success rate of 88%.

The residential auction raised £36.8m from the sale of 82 lots at a success rate of 78%, with eight lots selling for over £1m. 

Highlights include the sale of a rare unbroken street of 22 freehold houses and two freehold mixed-use buildings in Gloucestershire, which sold for £2,500,000 from a guide price of £1,575,000.

The latest auctions bring the total raised by Allsop for the year-to-date to £977.8m, including £413m from commercial auctions and £564.8m in residential auctions. 

Allsop is hosting two further auctions in December.

George Walker, partner and commercial auctioneer at Allsop, says: “The then-pending government budget announcement cast a cloud over the market, but on the day buyers responded well. We saw many familiar faces bidding for the first time in a few years – a clear sign they see the market improving from here.

“Rates clearly won’t be falling as fast as some had suggested, with the budget introducing new inflationary pressures. However, they are falling, which should strengthen demand for our final sale of the year on December 11.”

Meanwhile London supermarket investments and commercial ground rents proved popular at the latest Acuitus auction which saw the sale of £13.55m of properties and a success rate of 95%.

Jon Skerry of Acuitus comments: “We had 120 registered bidders across this portfolio, many of them seasoned ground rent buyers. The sale of these assets offered occupiers and experienced investors a once-in-a-lifetime opportunity to purchase the freeholds of these valuable sites. We are delighted to have been able to successfully advise and sell these assets on behalf of our valued client.”

Instructions are being invited now for the final Acuitus broadcast auction of 2024 which will take placeon Thursday December 12.