Savills raised more than £44m from its November auction, making it the firm’s largest November auction since 2015 and the largest amount raised at a Savills auction since March 2018.
It brings Savills’ auction total so far this year to more than £240m, which is almost 40% higher than the same period in 2019.
However, the success rate from the 3 November sale was its lowest since September 2018, at 67%, with 90 out of the 134 lots offered finding buyers.
Christopher Coleman-Smith, head of Savills auctions, said activity remained very encouraging, with the stamp duty holiday continuing to play some part in underpinning the market. “We will have to see what happens when it finishes,” he said.
“We found that houses within the M25 generated a strong response from bidders, with many opting for a home with outdoor space and favouring houses over flats.”
A Marylebone, W1, mews house with development potential and within easy reach of the open space of Regent’s Park was among the lots to attract competitive bidding. The house on Beaumont Mews (lot 14) sold for £1.195m from a £995,000 guide.
A two-bedroom garden apartment (lot 51) with direct access from the bedroom to the exclusive Egerton Gardens near Knightsbridge, SW3, sold for £1.23m from a guide of £1.15m.
Five different bidders chased after a one-bedroom flat on Tavistock Square, WC1, pushing the sale price to £550,000 from a guide of £475,000.
Coleman-Smith said development sites sold well. “People are looking one or two years ahead, when they expect the market to be stable and really going again.”
A petrol station and garage in Barking, E6 (lot 27), pictured, with outline planning permission for 26 flats sold for £1.77m from a guide of £1.65m. It had been in the same ownership for 16 years and produces £70,000 pa of income, a net yield of 3.72%.
The live-streamed auction also saw the last homes offered from a portfolio owned by the Police and Crime Commissioner for Hertfordshire. Six houses sold in the latest sale, raising £2.6m, with only one failing to find a buyer. The house in Rickmansworth (lot 137) is guided at £455,000 and expected to sell post.
Savills’ next sale will be held on 16 December.
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