Allsop, have released figures showing their auction history in the last six months. The property consultant sold 396 commercial properties from January – July of this year, an increase of 24 lots when compared to the same period in 2011. But who and where are people buying these properties and what sectors are people most interested in?
Off the 396 properties sold, 68 per cent were in the retail sector. Industrial, leisure and offices were also popular amongst bidders equating to around nine and ten per cent each.
In a statement, the company said: “The first quarter of the year was better than many pundits’ predictions with both February and March auctions achieving on the day success rates of 75%.”
The locations of the auctioned properties were spread around the whole of the UK, but the South East was the most popular, equating to 35 per cent. London was the second most popular with 18 per cent, closely followed by the North West with 12 per cent. Scotland has the least properties auctioned with only five being sold.
The sellers of the auctioned commercial properties ranged from private and public property companies to receivers. Some were private investors, whilst trustees, institutions and Government bodies were also among the vendors. Receiverships increased by ten per cent, when compared to 2011, whilst institutional sales fell by a small percentage.
Of the buyers, 41 per cent had never purchased a commercial property at auction before, but 36 per cent had purchased at auction in the last 12 months. 77 per cent of bidders said they hoped to buy a property again at auction in the next 18 months.70 per cent of buyers paid by cash.
The largest proportion of buyers live in the same region as their purchase (40 per cent), with 30 per cent living within a five mile radius.
Have you purchased a commercial property at auction before? Or is it something you are considering? To find out more information on how to buy a commercial property at auction have a look at our free guide.
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