On Wednesday 24th January, Savills held its first ever January auction which raised over £47 million from the sale of over 160 lots.
The sentiment was strong on the day, indicative of wider market confidence, and there was a good level of interest from bidders delivering record prices and a 78% success rate.
The sale saw double the number of bidder registrations than comparative auctions in 2023 – a result of falling interest rates and continued momentum from last year.
Highlights of the sale included a two-bedroom terraced house (Lot 54) in the heart of Chelsea which sold for £2,080,000 and a Notting Hill townhouse (Lot 43), divided into three self-contained flats, which achieved a hammer price of £1, 400,000. A terraced property in Cricklewood (Lot 69), comprising six flats, achieved £350,000 over its guide of £1,290,000. Meanwhile outside of the capital, in Brixham, Devon (Lot 163) a detached five-bedroom bungalow situated on a generous plot achieved a hammer price of £508,000.
There was also notable interest in lots comprising retail space and residential accommodation. A prime, high- yielding, retail investment opportunity occupying a prominent corner position in the market town of Chesterfield (Lot 76) attracted particular attention and after flurry of competitive bids achieved a sale price £457,000 – more than double its original guide price. A property comprising a high yielding retail investment situated on the principal pedestrianised retail street in Gloucestershire (Lot 80) sold for £811,000.
Head of Savills auctions, Robin Howeson comments; “Yesterday’s auction marked an important milestone for Savills auctions business with it being the first ever sale to be held in January. Following a record breaking 2023, it was evident that sentiment hadn’t slowed with a success rate of 78% being achieved. On the day there was a good level of buyer confidence, most likely aided by a stabilising of interest rates, and it's clear to see that there’s a year-round calling for auctions.
Our bumper catalogue of over 250 presented plenty of opportunity and attracted a competitive number of bidders, especially on quality lots in sought after locations. While residential stock sold well, there was a clear appetite for high yielding, mixed use and commercial opportunities, with many well priced lots achieving in excess of their guide prices.”
Savills is hosting two auctions next month, taking place on 6th and 28th February. Highlights from the 6th February sale include:
Lot 25: 3- 5 Cheyne Place, Chelsea, London, SW3 4HH – Guide Price £5,000,000
Two original townhouses, occupy a prominent position on one of Chelsea’s prime addresses. Rarely available, the sale of the townhouses provides a unique opportunity for both investors and developers as well as occupiers.
Lot 44: Roxley House, Hillwood Road, Birmingham, B75 5QW – Guide Price £2,250,000
A substantial five-bedroom detached family home approximately 7876 sq ft set in a semi-rural location that has been refurbished to a high-specification with approximately 3.5 acres of landscaped established gardens.
Lot 60: 104-108B Hounslow High Street, London, TW3 1NA – Guide Price £3,300,000
Substantial Freehold Block with planning permission Granted for 106 Units. Situated in a prominent position on Hounslow high street.
Gary Murphy, of Savills Auctions comments; ““We are holding two auctions in February, following on from the strong demand seen across 2023. One of the most significant lots coming to our 6th February sale is an adjoining pair of converted townhouses in one of prime central London’s most prestigious addresses. Cheyne Place is an exciting opportunity either for occupation and/or investment and could generate some strong income for any potential buyer. There’s an incredible penthouse apartment which could be modernised and occupied by the purchaser who could then enjoy income from the rest of the buildings.”