On 19th March Savills held its fourth auction of 2024, which raised over £45m from the sale of 143 lots. The auction saw a 78% success rate on the day and saw plenty of demand for high-yielding commercial and residential stock and investment opportunities, as well as residential homes in Greater London
Over the first quarter of the year, Savills has raised £190m from its live-streamed auctions, marking an increase of 40% versus the same period last year from the sale of 60% more properties.
Residential highlights from the day included an attractive Grade II listed mid-terrace family home, located on a sought-after garden square in Islington (Lot 39), which achieved a hammer price of £1.095m after a series of competitive bids. Elsewhere in East London, a three-bedroom mid-terrace house in Hackney benefitting from a private rear garden (Lot 7) sold for £825,000, while a split-level flat in excellent decorative order in Fulham (Lot 155B) sold for £744,000 on the fall of the gavel.
A substantial three-story building in Pimlico (Lot 96) with asset management and development potential sought interest from owner occupiers, investors and developers before fetching a hammer price of £990,000. In Wimbledon, a plot of land (Lot 61) sought £1.155m - some £855,000 more than its original guide price. Measuring 0.4 acres, and backing onto the Malden golf course, the land offers the opportunity for development subject to planning, which prompted some fierce competition among bidders.
In the commercial arena, a freehold student investment opportunity (Lot 106) comprising 40 en-suite bedrooms, and fully let for the 2023/24 academic year, sold prior to the auction near its guide of £4.75m. In Felixstowe, a parade of five units (Lot 109) producing £42,000 per annum sold for £460,000, while a terrace of three freehold two-storey buildings arranged as three shops and uppers in Twickenham (Lot 82) saw seven different bidders driving a sales price of £725,000.
Robin Howeson, head of Savills auctions comments; “We’ve had a really successful start to the year, raising nearly £190m across the quarter, as our live-streamed mixed catalogues continue to attract and service the demand we’re seeing from both buyers and sellers.
Our first three auctions of the year were largely driven by sellers looking to dispose of their assets before the end of the financial year, and so we expected to see some signs of the market slowing and a slight decrease in the number of properties for sale and buoyant buyers. And yet, yesterday’s sale continued to exceed our expectations with the sale of 143 lots and raising in excess of £45m – comparable to the other auctions we’ve held so far this year.
Yesterday’s sale saw a notable increase in demand for high-yeliding stock with asset management potential in both commercial and residential markets across the country. There was also a continued demand for flats and smaller houses in Greater London, particularly among owner occupiers and developers.”
Savills next auction will be held on 16th April.
Preliminary lots for the forthcoming catalogue can be found here.
For more information on Savills Auctions, visit www.auctions.savills.co.uk