http://www.propertyweek.com/story.as...de=3142649&c=1
Allsop’s two-day residential auction, held in a back-to-back marathon sale last week, reflected the continued rally in house prices.
The auction house’s sale rate remained stable at 86% – down one percentage point from its February sale – while the total raised increased by 11% to £46.1m.
Held at London’s Cumberland hotel last Tuesday and Wednesday, the sale contained more lots than February’s, but Allsop still sold fewer than it did at the end of last year – a result of a continued drop in the amount of repossession lots in its catalogue.
The number of repossession lots dropped to 50, while the number of properties from LPA (Law of Property Act) receivers was 150 from a catalogue of 369. Last year, on average, 85% of Allsop’s catalogue comprised repossession lots.
Murphy said: ‘There seems to be a growing consensus that house prices are no longer falling – many believe that they are increasing. This is being reflected in the room. A lot of potential buyers went away disappointed because prices were moving significantly above the reserves. There was definitely a mood of recovery in the room.’
