Selling 510 of the 595 lots at their recent two-day property auction on 30th October and 3rd November, Allsop Residential achieved an 86% sale rate – a 27 point, or more than 45% increase, over the current average of 59%.
Raising a total of £57.8m, Allsop have again proved that there are plenty of buyers for the right property at the right price. With the traditional estate agent approach proving an ineffective way to get a sale, auctions are taking over as the means of getting a deal done. No gazundering, no haggling, just the fall of the hammer.
“Although the seasoned traders and investors are back in search of a deal, private buyers are giving them a run for their money”, said auctioneer Gary Murphy commented speaking after the sale. “It’s apparent that non professional, cash investors recognise the emerging opportunities that auctions present. First time buyers, parents, couples, owner occupiers have all come to the room to buy at what they perceive to be attainable and sensible market levels”, Murphy concluded.
Around three-quarters of the sale comprised of distressed lots for a variety of prime and sub prime mortgagees, along with a number of properties for 14 different housing associations, two local authorities, the Highways Agency and BRB Residuary Body.
Appealing to both professional and private buyers, the sale ensured bidding delivered good deals for both sellers and those looking for a bargain. Highlights included:
Lot 46 – 30 Gunter Grove, Chelsea, London SW10. A freehold residential building of 2,560 sq ft, vacant and with potential for conversion to a family home. Sold on behalf of a property company for £880,000 to a private buyer against a guide price of £750,000 to £800,000.
Lot 158 – 7 Helen Cottages, Dedworth Road, Windsor. A vacant 3 bedroom cottage for mortgagees. Sold for £145,000.
Lot 230 – Goods Yard, Tormarton Crescent, Bristol. Offered on behalf of BRB Residuary Ltd. A freehold site let and producing £86,500 pa. Sold for £750,000.
Lot 531 – Apartment 301, Sky 1, 33-35 Simpson Street, Manchester. A third floor new build 2 bedroom flat for mortgagees. Sold for £75,000.
Allsop’s next residential sale, to be held in London on November 12th and 13th and, is a repossessions-only auction comprising some 400 lots. They are still accepting entries for their last sale of the year, to be held on December 15th and 17th December.
A list of unsold lots or the entire results can be found on their website.
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