Guest blogger Gary Murphy of Allsop on auctions

3 March 2016 |

Sales under the hammer represent little more than 2% of total transactions in the residential sector. But where else can a seller achieve an almost 85% certainty of exchange within three weeks of exposure to the market and still demonstrate market value and total transparency?

In 2015, Allsop sold over £458m in residential stock at auction, 9% ahead of the £421m raised in 2014. Of that, £258m was raised from Greater London where the average lot size for single vacant units was £507,000 and the largest lot sold fetched in the region of £7m prior to auction.

Lots from private sellers increased to just over 25% in 2015, compared with 15.5% in 2014. Today, lots exposed to a competitive auction market can often attract bids in excess of those achievable by private treaty. This is particularly true of those properties likely to appeal to unencumbered cash buyers. Estate agents advising clients with, for example, investment properties, development opportunities, unusual buildings, unmodernised houses or flats should think about the auction option for delivering best price.