Commentary from Allsops on the results of their most recent commercial property auction.
We were delighted with the encouraging results of our May auction which saw the most lots sold on the day and our highest total raised since before the pandemic. Market sentiment really is very positive at the moment and is giving sellers a great opportunity to sell.
The key as always is pricing. Buyers will bid confidently and competitively if it is right and this was clearly demonstrated by another big show of confidence and liquidity in the retail sector, with £48m of retail property sold including three shopping centres and a vacant former BHS department store in Wakefield. This combined with the transparency of our traditional style of auction, and the certainty that comes with our unconditional auction contracts, consistently prove an extremely effective combination.
Looking ahead we anticipate the ability of property to generate an income, together with savings rates at an all-time low and a market driven by cash rich investors, will continue to support prices particularly for the most popular properties.
