Crowds Push Prices at Allsop's September Residential Auction. Allsop's September residential auction attracted a large crowd to the ballroom of London's Park Lane Hotel, as over 1000 buyers in attendance competed with over 250 remote bidders across the course of a bouyant auction to establish strong prices for vacant and investment stock. In total, 257 lots were offered of which, by close of play, 216 had been successfully sold establishing a success rate of 85% and a sales total of £35m. Of those, over 63 (25%) were within the M25 establishing an average lot size in the location of £346,933. The auctioneers expect these figures to rise over the next week as negotiations are concluded on unsold lots. Speaking after the sale, auctioneer Gary Murphy said "This was an extremely varied catalogue in terms of lot type, size and location. The room was full from the start. It's important for bidders to experience the atmosphere generated by a crowded room. It gives them confidence in the market if they see that others are keen to buy. I'm sure that that's one of the reasons for the strong prices paid on the day." His remarks were borne out by the analysis of the results post auction. Over 80% of lots offered sold over reserve prices, 45% of lots sold for at least 20% above reserve with 27 lots more than doubling their reserve prices. Murphy continued, "Over 40% of the catalogue comprised single vacant houses and flats. These drew strong competition between owner occupiers and investors. Post auction research indicated that, in the main, it was the investors who absorbed the majority." Of the 58 assured shorthold tenancy investments sold, the average yield was 9.9% across the country. This breaks down to 9.4% in the South East and 10.3% elsewhere. Regulated tenancy investments, of which there were eight offered, established a yield of 4.2%. Highlights of the sale included Lot 9 – Flat 21, Lancaster Court, 36/39 Newman Street, London, W1T 1QH http://www.auction.co.uk/residential/lotDetails.asp?A=765∓=84&ID;=765000009 By Order of Mountview Estates plc • Well located Leasehold self contained purpose built First Floor Flat • Providing 3 bedroom accommodation • Extending to approximately 77 sq m (829 sq ft) • Fully vacant Guide Price:600,000+ Result: £827,500 Lot 21 – 33 Moreton Terrace, Pimlico, London, SW1V 2NS http://www.auction.co.uk/residential/lotDetails.asp?A=765∓=84&ID;=765000021 • Freehold Building • Arranged as a self contained Lower ground floor flat and 3 floor upper maisonette • Lower ground floor flat vacant • Maisonette subject to a protected tenancy • Extending to approximately 200.49 sq m (2,158 sq ft) • Producing £9,600 p.a. Guide Price: £650,000 - £675,000 Result: £1,150,000 Lot 25 & 26 – 26/27 Cato Street, Marylebone, London, W1H 5HS http://www.auction.co.uk/residential/lotDetails.asp?A=765∓=84&ID;=765000025 • Freehold pair of interconnecting Mews Houses • Providing 4 storey accommodation and 2 garages • Extending to approximately 3,595 sq ft (333 sq m) in total • To be offered individually or collectively • Fully Vacant Guide Price: SOLD PRIOR Result: SOLD PRIOR Lot 60 – 293 Ladbroke Grove, North Kensington, London, W10 4UT http://www.auction.co.uk/residential/lotDetails.asp?A=765∓=84&ID;=765000061 • Freehold Mid Terrace building • Arranged to provide 2 self-contained flats and 11 studio units • LGF flat subject to an AST remainder vacant • Possible potential for reconfiguration, subject to all necessary consents • Producing £17,160 p.a. Guide Price: 1.2M+ Result: £1,400,000 Lot 100 – “Grosvenor Gate”, Gypsy Lane, Leicester, LE5 0TL By Order of Receivers http://www.auction.co.uk/residential/lotDetails.asp?A=765∓=84&ID;=765000101 • Freehold Building • Arranged to provide 34 Flats and 3 Town Houses • 25 Flats and 3 Houses subject to ASTs • 5 Flats vacant and remainder subject to Long Leases • Producing £130,760 p. a. Guide Price:£1.1M - £1.2M Result: £1,320,000 Lot 215 – 150 Clapton Common, Stamford Hill, London, E5 9AG By Order of Receivers http://www.auction.co.uk/residential/lotDetails.asp?A=765∓=84&ID;=765000217 • Freehold semi detached Building • Arranged to provide office premises together with residential accommodation • Offices subject to a Tenancy Residential accommodation subject to 13 x ASTs • Producing £74,280 Guide Price: £600,000 - £700,000 Result: £855,000