Savills Auctions held its first sale of the year on 7 February, raising more than £45m.
A total of 139 lots were sold with a success rate of 70%. The sale was Savills’ largest February auction for five years, and saw a 30% increase in the amount raised compared with February 2022.
Residential lots which saw competitive bidding in London included a period property in Hampstead (lot 84), which sold for more than half a million over its guide price at £3,055,000; a one-bedroom flat in Wandsworth (lot 1) which sold for £608,000, above its £450,000 guide price; and a three-story property in Battersea (lot 101) which sold for £710,000. In Essex, a three-storey detached villa (lot 35, pictured) sold for £805,000, more than £150,000 over its guide price, and a four-bedroom house (lot 90) sold in excess of its £1,550,000 guide price prior to the sale.
Commercial lots which saw particularly competitive bidding included a freehold retail baking investment in Reading (lot 52) which sold for £1,805,000; land with planning permission for residential dwellings in Ruislip which had a hammer price of £625,000; and an office building in Taunton (lot 55) which sold for £820,000.
Jeremy Lamb, auctions director at Savills, said: “Our first sale of the year saw more than 200 lots offered in our largest auction catalogue for five years. The bumper mixed-use catalogue attained strong performance across residential, commercial and development stock, evidenced by increased competition for well-priced lots and a noticeable improvement in sentiment compared to the end of last year.
“We know our live-streamed auction approach continues to deliver the best prices for our clients. We are still taking instructions for our next auction on 1 March, timed to allow standard completions before the end of the financial year.”
Savills has 14 auctions planned for 2023.
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