Savills has raised £400m from its auctions over the first six months of the year, with its latest on 18 June adding £38m to the pot.
The H1 total is up some 50% on the same period in 2023.
Key lots at the latest auction included two historic sea forts, Spitbank Fort and No Mans Land Fort, which achieved above their £1m guides. Both forts, which sold for just over £1m and £1.1m respectively, had been on the open market for a number of years. Run formerly as boutique retreats, the forts offered an opportunity to investors looking to capitalise on the existing assets or explore new commercial ventures.
Robin Howeson, head of Savills auctions, said: “Our pricing strategy drove plenty of interest in the lead-up to the sale and paid dividends when it came to bidding on the day, ultimately securing two highly motivated buyers. Having been available on the market for a number of years with different agents and auctioneers, we are delighted to have produced a strong result for our clients and we look forward to observing the onward journey of these iconic structures.”
Other lots included a three-bedroom mid-terrace home in East Finchley, which sold for £1m. With planning for a side/rear extension and in need of modernisation, the property offered an ideal development opportunity. In Dulwich, a substantial end-of-terrace house comprising five bedrooms, achieved £880,000.
A freehold, three-storey corner building in East Twickenham arranged as a ground floor shop together with two two-bedroom flats sold for £1.1m, while five fully let and high-yielding shops in Swindon, producing £111,750 pa, sold for £675,000.
Auctions director Jeremy Lamb said: “Despite the general election in just two weeks’ time, bidding activity remained consistent with what we have seen across the auctions market in the last few months. Buyer confidence seems to be enhanced by an expected reduction in rates over the summer.”
Savills’ next auction takes place on 2 July.
Image © Savills
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