Savills raised more than £52m at its latest residential auction, with buyers undeterred by the introduction of the stamp duty land tax changes for additional homes last month.
A total of 173 lots were sold from a catalogue of 229 at the 9 May auction at the London Marriott hotel on Grosvenor Square, W1, reflecting a 76% success rate. Four sold prior.
Chris Coleman-Smith, head of London and national auctions, said: “There was strong bidding throughout the day from a packed room. Competitive buyers snapped up properties ranging from a one-bedroom flat in Blyth, Northumberland, for £20,000 to a former office building in London’s Stockwell, for over £1.5m.”
He added: “This was our first auction since the introduction of the ‘additional homes’ stamp duty tax in April, but demand in the room proved unwavering.”
Highlights of the day included a former garage in Hammersmith, W6, with planning permission for a two-bedroom house, which sold for £466,000 off a £250,000 guide; a former chapel in Burnham, Berkshire, which sold for £480,000 off a £190,000 guide; and a church premises in Beaconsfield, Buckinghamshire, which sold for £570,000 off a £250,000 guide.
Lots with development opportunity also proved popular. In Edmonton, N9, a development site for three residential units sold for £555,000 – more than double its guide of £250,000.
Receipts from this month’s sale takes Savills’ total so far this year to more than £150m.
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