Allsop Residential held seven major UK auction sales last year, all from The Cumberland Hotel, London. In total, 1554 lots were sold raising £336.5m. This is over 7% up on sales receipts in 2012 (£314m) and reflects a success rate of 88% (the industry average over the same period is 76%).
In total the firm has raised over £777m from auction sales in the UK and Ireland in the past 12 months endorsing its position as the leading real estate auctioneer in both countries.
Confidence in the residential market has grown steadily over the year. Interest rates have remained low. The availability of mortgage finance has eased for both occupation and investment. Government incentives, such as Help to Buy, have bolstered demand. Overseas investors have identified London property as a safe haven for cash. Developers are building homes again. Investors are building to rent. Traders are turning a profit. Rental values are improving as first timers struggle to buy and are forced into rented accommodation. Central London prices surged ahead with values in the suburbs and Home Counties following closely behind. A general enthusiasm for property returned and our auction rooms swelled to capacity as the year went on. For Allsop, 2013 culminated with a £60m sale on 17 December, the largest end of year total raised by any UK auction house since 2007.
2014 is going to be an exciting year.
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