“We arranged bids for our investors at Allsop Auction held in London on Thursday 15^th September. The auction was well attended with 86% of lots selling, which appears to counter gloomy market conditions. IF YOU ARE INTERESTED IN BUYING AT AUCTION PLEASE CONTACT ME.” Alison O’Connor

Article Source: Allsop Auctioneers

Allsop held their first residential auction for the second half of 2011 yesterday at the Park Lane Hotel, London. In total 293 lots were offered from across the UK, achieving a success rate of 86% and raising approximately £40m.

Despite UK inflation being at its highest level for decades and reports of a double dip for the housing market, buyers at this significant auction sale were undeterred and rejected gloomy market predictions. Bidding remained strong throughout the day.

Gary Murphy, partner and auctioneer at Allsop, commented "There is always opportunity in every stage of a market cycle. It was encouraging to see bidders competing so aggressively and with such conviction. This is the market at the coal face and there was little evidence of gloom".

Murphy's comments were made as the RESI 2011 Conference was getting underway.

Frederik Norbrands, Global Head of HSBC, had forecast that the UK was in for sustained sluggish growth, even if it avoided a double-dip recession. He said a second downturn was becoming more likely every day. The global economy, he said, was suffering from a "negative feedback loop where everyone thinks the same", encouraging markets to spiral downwards in parallel.

"We have to be careful that we don't talk ourselves into an unnecessary downturn" said Murphy. "Current auction activity is evidence of a sustainable and important market place".

The sale concluded with a session of 34 ground rent investments. All lots offered in this part of the sale were sold.