On 6th February Savills Auctions, the UK’s largest live stream commercial and residential property auctioneer, held its second sale of 2024 - the first of two sales taking place in the month of February - which raised over £25m from the sale of 98 lots.
The auction saw an 80% success rate on the day, with there being strong demand for lower value, high-yielding commercial investments as well as residential flats in prime central London.
Residential highlights from the day included a ground-floor and first-floor flat in Tuffnell Park (Lot34) which sold for £63,000 over its guide price of £575,000, while a five-bedroom terrace house in Tottenham (Lot 102) sought a hammer price of £485,000. In prime central London a top-floor studio flat in Notting Hill (Lot 83) sold for £396,000. In Maida Vale, a one-bedroom ground floor flat (Lot 99) on a period terrace achieved £111,000 over its guide of £350,000.
Outside of London, a two-bedroom semi-detached house in Windlesham, Surrey (Lot 79) achieved a hammer price of £344,000.
On the commercial side, a high-yielding retail investment opportunity, occupying a prime position in the market town of Chesterfield (Lot 51) sold for £358,000 – more than double its guide price following a string of competing bids. Another high-yielding retail investment in Kingswinford (Lot 56) sold for £312,000, while a convenience store investment opportunity (Lot 66) sought a hammer price three times its guide of £20,000.
Savills Auctions Director Gary Murphy comments; “In the last two weeks we have raised over £70m - over 50% more than the same period last year - and there’s a strong sense that the market is now picking up – evidenced by the strong results achieved at our live-stream virtual auction room.
Buyer confidence has remained particularly robust in the residential market and we saw a healthy number of bidders at yesterday’s sale. Lower value flats and lateral apartments were particularly sought after in prime central London and the key commuter towns, indicating wider market stability and confidence among owner-occupiers and investors.
There was also a notable number of commercial buyers in search of high-yielding commercial investments – mostly transacting on retail opportunities in popular towns or located in prominent positions. We anticipate our second February sale to be equally successful as sellers look to achieve their disposal targets before the financial year ends.”
Savills next auction will take place over two days, 27th and 28th February, due to high demand from sellers. Highlights of the upcoming sale include:
Caister House Garage, Roman Way, London, N7 8XL – Guide Price £1,900,000
Rarely Available Central London B8 warehouse / car garage opportunity. Currently a secure underground car park with approx. 90 spaces. Opportunity to convert into a self-storage facility
6 Station Street, Lewes, BN7 2DA – Guide Price £595,000
A stunning new build three bedroom town house of approximately 1400 sq ft forming part of a Georgian chapel conversion benefitting from a courtyard garden and allocated off street parking space.
92 Prebend Street, Islington, London N1 8PR – Guide Price £775,000
Of interest to owner occupiers and builders and developers. A three bedroom terraced house, benefitting from a rear garden. Conveniently located for Essex Road station and the amenities of Islington.
Instructions are still being taken for the 28th February sale. The catalogue can be found here.
For more information on Savills Auctions, visit www.auctions.savills.co.uk