Savills, one of the UK’s leading auction houses, has achieved an impressive success rate at its September auction, raising over ยฃ57 million. The auction, which took place last week, saw a total of 215 lots up for grabs, with 149 selling on the day and an additional 9 under offer following the event. This brings the success rate to a notable 69%, showcasing the strength of the market and the confidence of both sellers and buyers in the current climate.
The top lot of the auction was a three-bedroom house in west London, which sold for ยฃ2.26 million, well above its guide price of ยฃ1.95 million. The property, located in the sought-after area of Notting Hill, attracted significant interest from potential buyers and ultimately sold to a local investor. Other standout sales included a retail unit in Oxfordshire, which sold for ยฃ1.55 million, and a vacant office building in North London, which fetched ยฃ1.45 million.
The auction also featured a number of interesting and unique properties, including a former church in Norfolk, which sold for ยฃ380,000, and a former school building in Essex, which went under the hammer for ยฃ750,000. These types of properties often attract a different type of buyer, seeking out distinctive opportunities for investment or redevelopment.
The success of the September auction is further evidence of the resilience and strength of the property market in the UK. Despite ongoing challenges and uncertainties, particularly in light of the COVID-19 pandemic, buyers are still keen to invest in property and are willing to pay good prices for quality assets. The combination of low interest rates and a shortage of supply in certain areas has created a competitive environment for buyers, driving up prices and leading to successful auctions like this one.
Savills’ strong performance at the September auction is a testament to the expertise and experience of its team, who work tirelessly to ensure the best possible outcomes for both sellers and buyers. With a reputation for professionalism and integrity, Savills has become a trusted name in the auction house industry, attracting top-quality properties and high-net-worth clients from around the UK and beyond.
Looking ahead, Savills is optimistic about the future of the property market and is already gearing up for its next auction, scheduled for later this year. With a pipeline of exciting properties and a growing list of interested buyers, the auction house is confident that it will continue to achieve success and deliver value for its clients.
In conclusion, Savills’ September auction was a resounding success, with over ยฃ57 million raised and a success rate of 69%. The strong performance of the auction is a reflection of the buoyancy of the property market and the confidence of buyers and sellers alike. With a range of high-quality properties on offer and a competitive bidding environment, Savills has once again proven itself to be a leading player in the auction house industry.
