Allsop raised £43m from the sale of 146 lots at its April residential auction, reflecting a success rate of 90%.
One of the most popular lots sold under the hammer was a freehold terrace of four buildings in Margate (pictured). The terrace, which is arranged as 23 self-contained flats and produces an annual income of £167,100 a year, received bids from more than 30 parties and went on to sell for £1.78m – more than double its £800,000 guide price.
Nine self-contained one-bedroom flats in Acton, producing income of £127,200 per annum, sold for £2,015,000, and a freehold detached block of flats in Barnsley, South Yorkshire, attracted 38 bidders and sold for £730,000, from a guide price of £275,000+.
Richard Adamson, managing partner and residential auctioneer, said: “We are delighted with the success of our fourth residential auction in 2024. The success rate of 90% is significantly higher than the industry average of 73%, which is a testament to the relationships, knowledge, experience and expertise of the team.
“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 9 May is just a few weeks away, and we look forward to continuing to build on our momentum.”
