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19 Dec 2009
Allsop Residential's £50m Christmas Sale brings its 2009 to £325m
Allsop's final two day marathon of 2009 was also the last auction in the UK calendar and brought some Christmas cheer to the market with a sales total of over £50m and a success rate of 80%. The auction brings the Residential Team's sales tally to over £325m for 2009 and the year's average success rate to 88% (86% in 2008). The overall sales figure for the firm's residential and commercial sales closed at £756m and 87% (£698m and 84% in 2008).
The result endorses the firms' position as the UK's largest and most successful property auctioneer.
The sale, which was approximately 40% distressed stock, was again dominated by cash buyers. Speaking at the close of the second day, partner and auctioneer, Gary Murphy, commented:
"Bank lending remains tight and, although most of our regular buyers have a healthy appetite for sensibly priced stock, several have remarked upon what they consider to be severely protracted procedures for securing debt, even at much reduced loan to value ratios.
"I also sense an increasing degree of prudence. As prices paid require more equity, buying decisions are not being taken lightly. Bidding was disciplined. There is also some concern over market stability as we enter the New Year and a general election looms. As ever, in such conditions, quality stock prevails and the more edgy, speculative lots become so much more sensitive to optimistic reserve pricing. As one buyer put it, now's the time to be sensible."