Savills’ “gamble” of squeezing in an extra auction before the stamp duty rise has paid off with a £37.9m sale and an 81% success rate.
Savills brought forward its 28 March auction by almost a month to allow buyers to complete before the stamp duty rise for buy-to-lets and second homes comes into effect on 1 April.
National auctions director Paul Mooney said the strategy was “a bit of a gamble” but he was pleased with the “strong” result. “We had our February auction and the March catalogue was released the next day,” he said. “I have not done that for 20-odd years. It was a good move and paid dividends.”
Houses in Croydon, Thornton Heath and east London priced at £300,000 to £350,000 continued to be popular with owner-occupiers.
A five-room semi-detached house in Croydon, south London, sold for £404,000 off a guide of £320,000. A five-room terrace in the same area, guided at £260,000, sold for £355,000.
Mooney said the £1.5bn Westfield/Hammerson retail development and other regeneration projects in Croydon had increased the town’s popularity.
The amount raised is less than last March’s £54m, and follows February’s £67m haul.
The sale took place on 2 March at the London Marriott Hotel, W1. The next national auction will be held on 9 May.
