Allsop Residential held seven major UK sales throughout 2012 raising nearly £314m. A total of 1649 lots were sold from a total of 1900 offered representing a success rate of 88%. (The industry average success rate over the same period was 74%). This is a 7% improvement on sales revenues in 2011 (£292m) and confirms Allsop as the leading residential auctioneer in the UK.
In total the firm has raised £651m by auction over the past 12 months.
Confidence in the UK residential market has centred on London and the South East. Regional conurbations experiencing lower unemployment levels and sustained tenant demand have also drawn interest. But 2012 has seen a continued swing away from the more fragile locations resulting in lower average lot sizes in these areas and the consequent need for sensitive pricing.
This report summarises the market patterns which have emerged from our auction sales in 2012 with reference to ten geographic regions. We examine lot size, property types and investment yields. We also look at the global distribution of demand for UK stock.
Despite the difficulties posed by a double dip recession from the start of the year, the continued drought of mortgage finance for many first time buyers and the volatility of market confidence exacerbated by further crises in the Eurozone, our auction rooms have remained reassuringly active. As always, however, pricing is key.