Allsop raised a total of over £54m at their March residential auction last week, with an overall success rate of 71%.

The average lot size was £368k and five of the properties sold achieved in excess of £1million. The largest lot to sell was lot 26 – a freehold former health centre with potential for redevelopment in Greenford, Middlesex – which sold for £2m, more than double the guide price of £900,000-£950,000.

Quality lots with redevelopment potential attracted considerable interest, such as lot 31, a mid-terrace office and retail unit in Staines with permitted development, which sold for £410,000 compared to the guide price of £295,000.

Gary Murphy, partner at Allsop, commented: "As ever the catalogue was very diverse, both geographically and with regard to the types of properties available, but the common theme was the importance of pricing. In particular, higher value assets and poorer quality lots, for which the pool of bidders is likely to be more limited, need keener pricing. Where lots were priced sensibly they saw competitive bidding, with many going under the hammer well in excess of the reserve.

"Having sold £17m in value prior to the action and with deals still being done on the remaining lots, the auction process has also proved a successful catalyst for sales before and after the event itself. Notably, distressed sales were at the lowest level for a number of years, which is a good sign of an improved economy." ​