UK property consultancy firm Allsop said on Monday that it has raised £43 mln (€50 mln) through the sale of 146 lots at its April residential auction, representing a success rate of 90%.
One of the most popular lots sold under the hammer was a freehold terrace of four buildings in Margate, arranged as 23 self-contained flats producing an income of £167,100 a year. Following bidding from over 30 parties, it went on to sell for more than double its guide price of £800,000 at £1.78 mln.
Other properties on offer at the residential auction ranged from a freehold apartment building in Barnsley to a fully-let, mixed-use corner building in Spitalfields, east London, and a property consisting of nine one-bed flats in Acton, west London, that sold for more than £2 mln.
Allsop’s latest auction follows on from the success of its sales in the first quarter, which saw its residential and commercial auction teams collectively raise more than £238 mln. Allsop also recently announced that Richard Adamson, who leads the residential auctions team, has taken up the post of managing partner (residential) alongside the appointment of Mark Gower as managing partner for the commercial property side of the business.
Richard Adamson, managing partner and residential auctioneer, said: 'We are continuing to see signs of growing confidence in the market with more buyers returning in response to a less turbulent economic backdrop in comparison to 2023. There is clearly strong demand for income-producing investments across the country and value-add opportunities, although pricing is key. Our next auction on 9th May is just a few weeks away, and we look forward to continuing to build on our momentum.'
