‘Realistic’ pricing is a success as Savills sale brings in £35m

Savills raised £35m at its November auction, boosted by the sale of several lots well above their guide prices.

The auction, at which 181 lots were offered, achieved a higher success rate (74%) than its corresponding 2016 auction but a lower sales total. Last year, Savills sold 68% of 184 lots offered, raising £41.8m.

The auctioneer on the day, Savills national auctions director Chris Coleman Smith, said that it had been “a great day, considering the wider market”.

“It was a very good room with a good crowd,” he added. “I think it’s a great time to buy at auction - I haven’t seen a better time in a couple of years. This is because prices are realistic, therefore the climate is perfect for buyer-occupiers.”

A former magistrates’ court in Dover, Kent, was one of the best-performing lots of the day. The 25,532 sq ft property, which has development potential, generated strong competition among bidders. Guided at more than £350,000, it eventually sold for a bumper £910,000.

‘Plenty of interest’

In addition, a detached eight-room house with a garden in Kingsbury, north-west London, sold for 55% over its £775,000 guide price at £1.2m.

It was one of three lots that sold for £1m or above, along with a grade II-listed house in Lindfield, West Sussex, which was guided at £1.65m and sold for £1.75m, and a property comprising a ground-floor shop and an upper two-bedroom flat in Ealing, west London, which sold for £1.075m from a £950,000-plus guide.

The largest lot of the day, a detached house arranged as eight units with planning permission for nine two-bedroom flats, did not sell.

However, Coleman Smith said the lot generated “plenty of interest” and that he hoped to sell it within the next week. Having been guided at £3.9m- plus, it is now available for £4.1m.

He added that houses in greater London valued at around £300,000 had seen the most competitive bidding. “With Crossrail coming soon, these properties can only go one way - upward,” he added.

Savills’ next auction, its final one the year, will be held on 11 December at the London Marriott Hotel, Grosvenor Square.

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