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Autumn Boom Pushes London Auctions Turnover To Record Levels

LONDON-A rush of investors into the auction room has driven London auction sales to new record levels. October saw the UK's biggest-ever sale when Allsops knocked down 215 properties in two days.

By Charlie Jacoby | Updated on November 02, 2001

LONDON-It has been a busy month for property auctioneers. The 11 September atrocity caused a two-week downward blip in the market but rooms are once again packed with investors and the only lots difficult to sell are those on short leases and those too far outside the M25. What’s attracting the rush of bidders is the low level of interest rates.

Allsop & Co’s two-day commercial property auction in October realised a staggering £105 million ($152 million) with 215 lots sold and a success rate of 87%, making the sale the UK’s largest ever property auction. 30 lots sold for more than £1 million ($1.45 million). Across the sale prices averaged 10% above reserve.

Allsop’s Auctioneer Duncan Moir said: ‘The room was packed. Our regular buyers were there but there was a host of new faces– private investors disenchanted with the stock market and attracted by the yields on well-let properties.’

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