The total of £51.3m, raised from a single day residential event, was the largest posted by the firm in a year. In all 256 lots have been sold to date from a total of 303 offered. This month Allsop has been solely responsible for over 35% of all Property Auction Sales (by value) across the UK.
Speaking after the sale, Auctioneer and Partner, Gary Murphy commented
"This sale was a very different experience to that of September. From the start, bidding was confident and fluid."
"I think a major reason for this success was the quality of stock in the catalogue. There was a great selection of really interesting property, a lot of it introduced by our expanding insolvency team. Many of these were larger value lots which presented exciting opportunities to buyers with an appetite for a challenge."
Like most of Allsop’s recent residential sales, 50% of the lots catalogued were distressed.
"Across the board, the team has worked hard to ensure that reserves were set realistically, particularly in the wake of what appeared to be a weaker market last month (£43m and 84%). This strengthened interest and extended competition." said Murphy.
"The room was populated by serious buyers with cash to invest. Gone are the over-funded amateurs. These results reflect real values driven largely by equity. If you’re going to put your own money at risk, rather than the banks, you need to be confident in your buying decisions. That market confidence was widely demonstrated yesterday".
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