Savills Auctions raises £65 million with their first sale of 2017
14 February 2017
Savills Auctions returned to The Marriott Hotel in Grosvenor Square on 13th February for their first auction of 2017. It was a standing room as proceedings began and £65 million was raised during the course of the day, with an 80% success rate.
Chris Coleman Smith, head of UK London & National Auctions comments, “Our first auction result of 2017 should set a positive benchmark for the year ahead. Yesterday clearly demonstrated that there is plenty confidence in the market. In the past ten years we have only had five sales raising over £60 million, and this result shows the continued strength of the auction room. During 2017 realistic pricing remains key to attracting motivated buyers and achieving the best results.”
The crowded room was filled with a large cross section of buyers, attracted by a diverse catalogue. Properties that offered the potential to add value and make a profit prompted fierce competition. The average sale price reached £376,000, compared to £310,000 during 2016, highlighting the quality of the properties placed in the auction and how determined buyers were throughout the day.
Highlights of the auction included;
- Seven £1 million plus sales, including Lot 117 in Crystal Palace which sold for £4.3m, the highest sale of the day. The attractive four storey building arranged as 15 flats sold against a £3.85m guide.
- Strong demand for investments in east London highlighted by Lot 49 in Poplar, an unmodernised five storey Grade II listed property arranged as HMO accommodation, which sold for £1.255m against a £845k guide.
- Lot 150, a basement premises in Streatham with possible development potential that sold for £18,000 against a £5000 guide - proving buyers don’t need big budgets to buy auction.
- Growing appetite for mixed residential and commercial sales as demonstrated by Lot 164 in Maida Vale. A freehold retail investment with additional residential accommodation, it sold for £753,000, 67% above the £450,000 guide price.
See the day’s full results here
The next London Auction takes place on 29th March 2017
Savills Margaret Street
+44 (0) 20 7016 3804
Christopher Coleman Smith
Savills Sloane Street
+44 (0) 20 7824 9036