Allsop raises €105m from property auctions

The commercial auction saw the sale of 63 lots, generating nearly £51 mln (€61 mln) with an 80% success rate. This brings the total raised from commercial property auctions this year to £413 mln (€496 mln), with 526 lots sold, including 119 exceeding £1 mln (€1.2 mln). Notable highlights include a 1,155 m2 office in London's Holborn district, which sold for £5.5 mln (€6.6 mln).

The residential auction raised £36.8 mln (€44.2 mln) from the sale of 82 lots with a 78% success rate. Eight lots fetched prices exceeding £1 mln (€1.2 mln).

These latest auctions bring Allsop's year-to-date total to £977.8 mln (€1.2 bn), with £413 mln (€496 mln) from commercial auctions and £564.8 mln (€678.4 mln) from residential auctions. Allsop is planning two further auctions on December 11.

George Walker, partner and commercial auctioneer at Allsop, said: ‘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 11th.’

Richard Adamson, managing partner and residential auctioneer at Allsop, added: ‘Since the release of our November auction catalogue, we’ve had an autumn budget, a US election, and an interest rate reduction - plenty for investors to digest. Despite this, our sale was incredibly successful, achieving a 78% success rate, which far outstrips the market norm. In the past three weeks, we have sold almost £100 mln (€120 mln) of residential property under the hammer, demonstrating once again the resilience of the residential property market and reinforcing growing confidence in the sector.’