Residential Auction Annual Review 2016
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Residential Auction Annual Review 2016

Allsop Residential Auctions raised £432m in 2016 with a sales success rate of 78% against a market average of 74%. Consequently, the team retained its market leading position for the 22nd year running. In total, 1,222 lots were sold with an average value of £353,000 (£308,000 in 2015). Higher value lots increased in volume with 112 sales realising in excess of £1m (90 in 2015).

Across the UK commercial and residential sectors, the firm raised a total of £1.042bn (17% up on 2015) with an 82% success rate overall. Combined with the firm’s Irish sales, the total raised under the hammer - in room and online - was £1.23bn. The firm is once again the leading property auction house in the UK and Ireland.

The year started with a very strong February sale. The £76m total was one of the highest achieved in the years immediately preceding and appeared to set a positive tone. Even the ensuing hikes in stamp duty and penal changes to available tax allowances to investors failed to damage confidence amongst bidders as the March and May auction posted £58m and £69m respectively.

But it was the Brexit vote that presented the biggest challenge to the market and all eyes focussed on our 20 July sale a month later. While the flow of private treaty transactions over £10m seemed to shrink as investors tried to take in the enormity of Brexit, the Allsop auction room remained reassuringly active. Overseas demand grew stronger in the face of a falling pound thereby strengthening competition in the room. And as confidence in all markets shook, the resultant uncertainty drew attention to better quality stock and longer term security of income. London and the Home Counties were favoured despite the super prime market - seldom linked with auctions - having been the hardest hit.