Auction Highlights: The significance of Allsop’s recent 3-day auction

Allsops recently held a three-day auction for the first time in over a decade – let’s dive into the significance of this landmark event.

The Setting

Marking their first three-day auction since the tumultuous times of the financial crash in 2008, Allsops prepared for a big event. With 505 lots up for grabs pre-auction, and 21 of them guided at £1m or above, this was a clear reflection of the built-up supply and demand during the summer months.

The first day was a hybrid auction with the live version set in the plush interiors of The May Fair Hotel in London. The subsequent two days were online-only.

Insider’s Take

Having attended the in-room auction, I can vouch for the palpable energy. 144 properties were snagged, accumulating a whopping £44mil and a robust 78% success rate. Home REIT sales comprised the majority of sales in the subsequent online-only days.

(Shout out to members of our Auction Buyers Club who made some astute purchases, predominantly from Home REIT!)

The online leg concluded with sales of 159 properties, generating £20mil and a remarkable 91% success rate.

The Bigger Picture

To appreciate the magnitude of this event, one needs to understand Allsops’ journey in recent times. Typically, they’d host around 8 auctions annually. While the pandemic thrust them into an online-only model, recent attempts to revive in-room auctions saw mixed success. This three-day auction, a strategic blend of offline and online experiences, is a testament to their adaptability.

Also noteworthy is their year-to-date performance: £301mil in sales, 502 lots sold, an average success rate of 89%, and the successful sale of 77 high-value properties, each guided at £1mil or above.

A Litmus Test for the Market

The last time a three-day event occurred was amid the 2008 financial crash, making this a strategic maneuver in response to current market conditions.

In a year where they’ve been experimenting with auction formats – attempting multiple in-room auctions, some of which got canceled, and balancing it with their online model – this event was a testament to their resilience and ability to adapt.

With auctions being more than just a sales platform, but a barometer for the property market, Allsops’ recent event offers insights, opportunities, and forecasts. As we navigate the current market landscape, these insights will be crucial for investors, first-time buyers, and industry aficionados.

For more on such industry insights, trends, and opportunities, stay tuned.

Stay informed. Stay ahead.

Cheers,

Jay