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LONDON-£699 million ($1.08 billion) of commercial property was sold in the auction room during the first six months of 2002, up 24.6% on the £560 million ($868 million) sold in the first half of 2001. Although the number of commercial properties sold at auction had increased by only 7.6%, the average value of all commercial lots sold increased by 16% from £298,676 ($463 million) in the first half of 2001 to £346,110 ($536,000) in the first half of 2002, according to the latest Focus Auction Guide Analysis.

For the seventh year running, Allsop & Co is the most active auction house selling £247 million ($383 million) of commercial property in six months, more than double its closest competitor, Jones Lang LaSalle, which achieved £106 million ($165 million) in commercial sales during the first half of 2002.

Simon Parker, Auctioneer at Nelson Bakewell said: “The auction room continues to attract a broad range of buyers looking for varying opportunities from secure investments to properties that require active management.”

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