allsop residential auctions

allsop residential auctions

Service Summary In 2017 Allsop sold over three times as much as its nearest competitor by value Contents 1. Introduction 4 2. Why sell at auction? 5 3. Why Allsop? 6 4. The auction process 12 5. 2018 auction dates 15 6. 2017 highlights 16 7. Contacts 18 2 Allsop Auctions Service Summary

1 OVER Introduction Allsop LLP run the largest property auction departments in Europe through two highly experienced teams. Our Residential Auction department is headed by partners Gary Murphy, Chris Berriman, Stuart Gayer, Jourdan Prowting and Richard Adamson, together with a dedicated support team of 18. Our Commercial Auction department is headed by partners Patrick Kerr, Duncan Moir, George Walker, Mark Gower and Alex Neil, supported by a team of 16. We offer a wide range of lots covering residential vacant and investment properties, ground rents, land and development opportunities and secondary commercial lots. A minimum of six commercial and seven residential sales are held every year. We take great pride in the level of service we offer to our clients. Our service is enhanced by our awareness that, not only do we have a duty to achieve the best possible price for our clients, but also a duty of care to our many bidders. These bidders have come to rely on the high quality of the information contained in our catalogues and the level of service we provide, enabling them to purchase at auction with confidence and ease. 2 Why sell at auction? Auction is regarded as the optimum method of disposal for a wide range of sellers. Speed The entire process, from instruction to exchange of contracts, can be achieved within as little as six to eight weeks. Certainty of sale The auction method offers an exceptional degree of certainty that a sale will be achieved on auction day. A binding legal contract is formed on the fall of the hammer. The buyer is committed and no further negotiation can take place. Best price In 2017: SOLD 79% of residential lots offered. Compared to industry average of 75% If prepared properly an auction should generate a number of bidders for each property. The atmosphere created can be extremely exciting and the process of competitive bidding will help to achieve best price on the day. Those properties which are suitable for a variety of alternative uses, often achieve higher prices at auction as a result of competition between different types of buyer. Auction is also a great way to determine the true value of unusual lots that may be hard to price. Transparency An auction sale is totally transparent and provides the seller with the assurance that the best possible price has been achieved in open competition. Where the seller has a duty to obtain best price, for example a charity or local authority, auction helps to discharge that obligation in a public way. Multiple disposals A large number of properties can be included in an auction and sold on the same day. 4 Allsop Auctions Service Summary Allsop Auctions Service Summary 5

3 1100m 1000m 900m 800m 700m 600m 500m Why Allsop? The UK s no.1 property auctioneer Commercial & residential auction totals raised 2017 Impartial advice When advising on sales we always consider whether a property is more suitable for sale by auction or private treaty. Allsop offers both methods. Our auction and private treaty departments effectively work as one team, ensuring that our advice is impartial and carefully considered. Unrivalled market exposure for your property For every property offered in our auction sale we guarantee unrivalled exposure to the market. We recognise that the commercial and residential markets are fundamentally different and we are the only auction firm to produce two separate catalogues for residential and commercial property, handled by our two large, specialist and experienced teams. Total ( m) 400m 300m 200m 100m 0 Allsop Savills Acuitus Barnard Marcus Experience & service iam-sold Clive Emson Souce: EI Group Direct marketing Online catalogue sent to our database of over 120,000 registered subscribers from the UK and overseas 6,000 printed catalogues mailed out for each auction Targeted e-mails sent to relevant third party databases We target individuals who have previously bought or expressed an interest in similar properties Sales particulars are circulated to all adjacent occupiers, where they are known to us and all local estate agents, builders and property companies We have separate databases for commercial and residential buyers. Competition for mixed use buildings will be maximised by marketing to both Our registered database is the largest of its kind Allsop has been synonymous with auctions for over 100 years and our auctioneers are amongst the most respected in the industry. We offer a streamlined service aimed at getting the best price for your property with the minimal amount of stress. 6 Allsop Auctions Service Summary Allsop Auctions Service Summary 7

Over 1,048,000 visits to the online catalogue from 194 territories in 2017 Domestic interest is received from around the UK 82% of homebuyers start their search online according to research by Zoopla Property Group Online exposure On average our online catalogue receives over 105,000 visits from over 190 countries in the three week marketing period prior to an auction Properties are listed on the major portals, including Rightmove, Zoopla and Primelocation A digital advertising campaign targets buyers across a network of sites based on their recent browsing history A Google PPC campaign targets buyers based on keyword search terms In 2017, the top three overseas locations for buyer interest in our auctions were Ireland, the United States and Spain. 8 Allsop Auctions Service Summary Allsop Auctions Service Summary 9

Print advertising A targeted advertising campaign is placed across a range of publications including: Evening Standard Homes & Property Metro Homes Sunday Times Home Estates Gazette Local press PR Our in house PR team carefully manages news stories to raise awareness of a sale through international, national and regional press coverage. Well attended auctions Over 1,000 people attend our auction sales, creating the buzz and atmosphere crucial to ensure a successful and profitable outcome for your property disposals. Buyers are also able to bid remotely, via proxy, online and on the telephone. Nationwide experience We frequently travel to all corners of the country and have nationwide experience and expertise. Regional distribution of properties offered at Allsop residential auctions 2017 M25 South East Midlands & East Anglia North West Yorkshire & The Humber South West North East Northern Ireland Wales Scotland 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 40.00% 45.00% 50.00% Bid remotely Online Via proxy Telephone We achieve results Residential auction results 2017 Auction Date Lots Offered Lots Sold Percent Sold Total Raised Feb-17 246 202 83% 64,458,000 Mar-17 204 145 72% 53,382,000 May-17 227 193 86% 73,789,000 Jul-17 233 177 76% 52,472,000 Sep-17 205 163 80% 71,285,000 Oct-17 250 183 73% 63,605,000 Dec-17 185 159 86% 46,438,000 Total 1,550 1,222 79% 425,428,000 10 Allsop Auctions Service Summary Allsop Auctions Service Summary 11

4 The auction process 1 2 3 4 5 6 Appraisal Instruction Inspection Marketing Auction Completion 2 weeks 3 weeks 1 day 1. Appraisal The initial consultation usually offers a no obligation appraisal with advice on whether the property is suitable for sale by auction. An estimated sale price and recommended reserve price is provided. 3. Instruction We will agree with you our terms and conditions of appointment, including entry fees and commission. 2. Inspection Once we have been formally instructed, the property will be inspected by one of our surveyors, measurements will be taken where appropriate and the property will be photographed. Draft sales particulars will then be sent to you and your solicitors for approval. Your solicitor will be asked to prepare a legal pack, which will be made available during the marketing period by post or online. It is important to set the guide price at a realistic level which is attractive to buyers. This will generate competitive bidding in the auction room to ensure that best value is achieved. 3. Marketing Routes to market We pride ourselves on the depth of our market. Every property in our catalogue benefits from unrivalled exposure and an intensive marketing campaign (as outlined in section three). Reporting During the marketing period, all interest and enquiries are logged. We maintain close contact with all serious buyers and record the number of enquiries made. In such a way, we are able to advise you of the strength of interest in your property, as well as reporting any price indications or offers made prior to sale. Reserve price In light of the feedback received during the marketing campaign, we will advise if the previously agreed reserve price needs to be amended. This will be done a few days before the auction. This is the level below which we will not be authorised to sell. At this stage we are almost always in a position to gauge the level of interest in the property and will often know the identity of the people who are likely to be bidding for it. 12 Allsop Auctions Service Summary Allsop Auctions Service Summary 13

5 Our auctions are held in prestigious hotels. Over 1,000 people attend, creating a buzz and atmosphere which are crucial to the success of your property disposal 5. Auction day The fall of the hammer In the UK, on the fall of the auctioneer s hammer there is a binding contract. A 10% deposit is paid to Allsop LLP in the room, along with the buyers fee. The exchange of signed memoranda is supervised and conducted by our solicitor immediately after the fall of the hammer. Any queries of a serious nature would be discussed with yourselves and/or your appointed solicitor who may be present in the auction room. What happens if the property does not sell on the day? In the less likely event of any lot remaining unsold, we normally expect our instructions to continue for a period of 45 days after the sale. We will contact all previously interested parties and request best bids. In our experience sales are more likely to be agreed immediately following the sale, when post-auction interest is as its strongest. 6. Completion Once the property has sold, completion usually takes place after 20 working days. Should you wish, this period can be shortened or lengthened. 2018 auction dates February 2018 15th July 2018 19th March 2018 28th September 2018 13th May 2018 31st October 2018 25th Selling at auction in four simple steps - watch our video guide on the Allsop You Tube channel December 2018 13th 14 Allsop Auctions Service Summary Allsop Auctions Service Summary 15

6 Sold Mar 2m Sold 1.555m Sold 2.355m Coaley, Gloucestershire Grade II listed six-bed house with two bed barn conversion, swimming pool, orchard and paddock Greenford, Middlesex Former health care centre with potential for redevelopment Highlights Sold 1.615m Sold Jul 1.3m Sold May 610,000 Whitechapel, London E1 Building with planning for retail unit (A1 Use) and seven apartments Sold 445,000 Belfast, Northern Ireland Former health care centre with potential for redevelopment Battersea, London SW11 Sold Oct 3.44m Six storey mixed use building providing ground floor shop and four flats subject to ASTs Sold 1.44m Teddington, Middlesex Two-bed house subject to a regulated tenancy Sold Mar 1.15m Leeds, West Yorkshire Ground rent investment secured upon block of 74 apartments Clapham North, London SW9 Site comprising end of terrace corner building and former rehabilitation centre Sold Jul 1.8m Paddington, London W2 Two units in Grade II listed building with planning for a single two-bed property 16 Prestbury, Cheshire Six-bed house with large garden and swimming pool subject to an AST AllsopAllsop Auctions Residential Service Summary Auctions Sold 2.505m St Ives, Cornwall Three-bed detached house overlooking Porthmeor beach Sold Prior Crawley, West Sussex Office building with planning granted for 111 flats and PD consent for further 76 flats Residential Auctions Allsop Auctions Service Summary West Hampstead, London NW6 Mid terrace six-bed house with garden and first floor roof terrace 17

7 Residential Auction department T: +44 (0)20 7494 3686 E: firstname.lastname@allsop.co.uk Gary Murphy LLB FRICS Christopher Berriman BA MRICS Stuart Gayer MNAVA Jourdan Prowting Laura Kerr MRICS Will Taylor Gabriella Brunton MRICS Philip Jackson & Auctioneer & Auctioneer Senior Surveyor Senior Surveyor Surveyor Regional Auction Surveyor Richard Adamson BA DipSurv Richard Watson MRICS Jamie Clarke Simon Hepworth Tracy Barker-Chaplin Sarah Bathurst Brown Alice Carroll Pam Huggett & Auctioneer PA PA PA Viewings Co-ordinator Simon Capp Jimmy Bruce Tom Wright MRICS Zoe Baxter MRICS Zoe Driscoll Jenny Stevens Simon Bates & Auctioneer Associate Associate Legal Administrator Auction Administration Administrator 18 Allsop Auctions Service Summary Allsop Auctions Service Summary 19

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