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.

About the author

Gary Murphy

Partner and Auctioneer

Gary joined Allsop in 1987 and was invited to join the Partnership in 1991. Since then, he has been head of the Residential Auction Department with Chris Berriman. The department is now the largest residential auction house in the UK and sells up to 2000 lots each year to a value of around £400 million.

Gary is vice chair of the RICS Auctioneering Group, a member of the RICS Auction Legal Review Group and a former member of the RICS Estate Agency Group. He is past chair of the RICS Agency Skills Panel and past chair of the ISVA Auctioneering committee.

Gary is also a director of Allsop Ireland, a joint auction venture with Space Property Consultancy in Dublin, Ireland. He was the first auctioneer to conduct multi lot auctions in the Republic.

Gary is the author of many articles in regular trade press, a frequent speaker at professional conferences and a regular charity auctioneer.

Gary Murphy