Auction Watch – September 2018 – The Property Chronicle
Select your region of interest:

Real estate, alternative real assets and other diversions

Auction Watch – September 2018 Residential lots saw increases of 21% on last year

The Auctioneer

As is usually the case, a large portion of the industry took a break in August, with only 51 auctions held across the UK. The auctioneers that were active enjoyed a broadly successful month, with overall lots offered and sold up 18% and 20% respectively, and total raised increasing by almost 12% to £77m.

The vast majority of the 1,031 lots offered last month were residential lots, and these saw increases of 21% on last year – from 801 to 970 lots. Residential sales climbed 24%, from 568 lots to 703 lots, whilst residential market revenues gained £10m on last year – a rise of 15%.

Allsop were back with a bang from the summer holidays and held two very successful auctions this month. At their 13th September residential auction they defied wider trends in the market to raise over £50m and achieve a 79% success rate. This is against a current industry average of 69%.

The total raised reflects the number of investors returning to the ballroom this autumn with a positive ‘back to business sentiment’ despite overall caution in the market.

Investors saw 169 lots go under the hammer. The largest lot to sell was a sought-after unbroken terrace of 11 houses in Stepney, East London. With three houses vacant, eight let and producing £268,000 per annum, 1-11, Anchor Terrace E1 achieved £7.5m from a guide price of £7.0m-£7.25m.






The Auctioneer

About Auction Watch

Auction Watch is a regular feature looking at the preceding month's auction activity, based on data from David Sandeman of the Essential Information Group.

Articles by Auction Watch

Subscribe to our print magazine now!

SUBSCRIBE

Our Partners