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Allsop's seven major residential auctions last year raised a whopping £421m - no less than 25 per cent more than in 2013.

It says 85 per cent of lots offered were successfully sold - trumping the industry average of 74 per cent - while there was an increase in average lot size of about a quarter.

In a sign of the times, there was also a significant increase in the number of commercial properties sold with a view to conversion to residential, up from 4.6 per cent of all lots sold in 2013 to 8.6 per cent last year.

The proportion of distressed lots fell to 28.4 per cent compared to 35 per cent in 2013.

In 2014 the firm raised a total of £945m from commercial and residential UK auction sales, up 31 per cent on 2013.

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