Allsop Residential Auctions raised £445m in 2015 making last year the most successful in its history. This was 9% ahead of the £421m raised in 2014 and comprised of 1,436 lots. In total, 84% of all residential lots offered by Allsop were successfully sold - against a market average of 77%.
Across commercial and residential UK auction sales, Allsop raised a combined £895m. This total value increases to £1.09bn when including sales from Dublin, cementing Allsop’s position as the leading real estate auctioneer in the UK and Ireland.
The residential results reflect continued house price growth across the UK. All regions saw slower rates of year-on-year annual price growth than 2014, with the exception of Scotland, where average prices declined slightly during 2015. London and the metropolitan South East continued to be the strongest regions.*
The return of a majority government in May’s general election settled a market that had experienced months of uncertainty. Threats of a mansion tax and rent controls from Labour had alarmed the market, while fears of another coalition government, or at least an unstable minority, led to a reluctance to sell prior to the election as parties attempted to use property as a political football. Zero inflation from Q2 2015 also contributed to slower growth - though the general narrative was one of gentle stability.
Record low interest rates have continued, while the extension of market stimulating measures such as the Help to Buy sustained market confidence. Against the background of a relatively certain economic outlook and a stable political landscape, our first auction post-election in May raised £92m - the highest total ever realised at a single day residential auction.
* Source: Nationwide House Price Index Q4 2015