Auctioneer upbeat after only small dip in first post-referendum event

Allsop’s latest residential auction in London - its first since the EU referendum - raised £51m, less than 10 per cent down on the same auction in 2015.

The auction house says there was strong interest from UK and overseas investors and 17 lots were sold for over £1m, including a property at Pangbourne in Berkshire which sold for £2.15m.

It says year-to-year comparisons are optimistic because an the same July auction in 2015 some £55m was raised and 14 lots valued at over £1m were sold.

“As the first major residential auction post-Brexit, it was important that our sale demonstrated continued confidence in property.  Auctions are a good barometer of the market and buyers are keen to get on with business.” according to Allsop’s Gary Murphy.

“Investors remain keen to invest and we experienced significant depth of demand for long-term opportunities. Development sites or buildings with consent for residential conversion drew particularly strong competition from UK and overseas bidders” he says.

There was strong interest in houses and flats in London for refurbishment and occupation. A four-bedroom maisonette in Islington achieved £910,000 on a guide price of £640,000. 

Overseas buyers were active; for example, an overseas developer purchased for £4.2m a vacant pair of mixed use buildings with planning permission to partially demolish and redevelop to create two shops and eight flats.