Allsop’s fifth online auction since the March lockdown resulted in the sale of 156 lots, raising £38m with a success rate of 73%.
Despite consumer confidence being impacted by the possibility of a second country-wide lockdown and ongoing uncertainty surrounding the protracted Brexit negotiations, the market for well-priced residential lots has proven to be robust, with more than 1,000 bidders registering to take part in the online auction on the day.
Richard Adamson, partner and auctioneer at Allsop, said: “We are very pleased with this result, particularly on the back of the slight softening of the market we have observed over the past month. Both the volume of sales and the prices secured demonstrate that there is still strong demand for well-priced assets, and this appetite is likely to continue with buyers looking to take advantage of the stamp duty holiday.”
The largest lot of the day, a freehold development site in Sutton, Surrey, with planning permission for a four-storey building with 14 flats and 12 parking spaces, sold for £1.7m.
A former health centre with potential for residential redevelopment was one of the most popular lots on offer. Some 198 bids were places for the Bexleyheath property (pictured) with the virtual hammer coming down at £1.3m.
A vacant freehold office building with planning permission for change of use in Willesden Green, NW10, also sold well, fetching £1.2m.
Adamson said he expected appetite for residential to continue to grow over the coming months as investors sought to take advantage of the stamp duty holiday ahead of its 31 March deadline.
Allsop’s next residential auction will be held online on 17 December. The firm has so far raised £258m from six residential auctions this year, including one ballroom sale