Over £20m raised at Savills first August auction
On 25 August Savills held its first ever August auction. The August sale saw 51 lots sold and had a success rate of 86%, ultimately raising over £20m.
While it had never been done before when building the July catalogue the team could see demand was demonstrably there from both vendors and bidders for a further summer sale.
Despite there being a fall in value of residential property sold at auction across the whole market, Savills has now sold over £154m of property during 2020, which is over 35% more than the same period 2019.
Houses in London proved attractive to bidders with highlights including Lot 5 – an end of terrace six bedroom house in Battersea which after competitive bidding sold well over the guide price at £1.575m. While Lot 30 an attractive three bedroom mid terrace Georgian house in Clerkenwell sold for £1.135m. And Lot 4, a two bedroom house in Tooting sold for £605,000.
Christopher Coleman-Smith, head of Savills Auctions team says, “Going into our first ever August auction we hoped it would be a success but couldn’t be certain due to a lack of precedent. With circumstances meaning lots of people couldn’t travel we hoped we would be able to capture bidders who may otherwise have been abroad. We were delighted with the results of the sale. From bidders, we saw strong demand for houses in central London and the surrounds. There was also competitive bidding for several commercial lots.
We had a mixture of buyers but did see a significant number of owner occupiers looking to buy homes that they can both put their own stamp on and add value to. The 59 lots on offer made up a good quality concentrated catalogue that attracted over 700 bidders throughout the day. Interestingly, 100 of these were via telephone bid, an option not catered to by all auction styles.
As the auctions world is as fast paced as our sales, we are now looking ahead to our September auction which will take place remotely on 22 September. We have already begun collating a varied and interesting catalogue and are keen to build it further. ”