Allsop completed its final residential auction sale before the summer recess on Thursday raising almost £50 mln (approx. €63 mln) from the sale of 189 lots. This brings the firm’s residential sales total for the year to £243mln (approx. €308 mln), with an average success rate of 86%.
The sale was dominated by London and the South East with over half of all lots offered located in these areas.
Speaking after the sale, auctioneer Gary Murphy said “
We were pleased with the overall result. However, we are definitely noticing an easing in demand, particularly for lots in excess £1mln (approx. €1.2 mln). As always, pricing is critical and aspirational reserves can present challenges."
Income producing lots fared well with all regulated tenancy investments offered selling at an average yield of 3.9%. Assured shorthold tenancies averaged 7.2% and assured tenancies 7.74%.