Savills raised £71m from the sale of a ‘record-breaking’ catalogue of 350 lots at online auctions held earlier this week.
The live-streamed auctions, which took place on the 27-26 February, achieved a success rate of 74%, with Savills reporting a significant uptick in demand for higher value lots.
Thirteen lots sold for more than £1m over the two days and so far this year Savills said it had sold almost half the lots valued upwards of £1m on the rostrum across all property auctions.
Residential lots attracted strong bidding with a six-bedroom detached house in Slough achieving a hammer price of just under £2m. On the commercial front, a freehold office investment located to the east of the Olympic Park sold for in excess of its £2.4m guide.
Jeremy Lamb, auctions director at Savills, said: “The results outperformed our expectations with over £71m raised from our first ever two-day sale which featured a record number of quality residential, commercial and mixed-use lots nationwide. With a total of over £140m raised from the first three sales of the year, we’ve seen a remarkable 60% increase compared to the same period in 2023. This achievement truly underscores the dedication of our team, the ongoing success of our live-stream auctions and the enduring confidence in the market.
“The marathon sale was primarily driven by sellers aiming to meet their disposal targets before the financial year’s end. Now that this deadline has passed, it will be intriguing to see how the landscape shifts. We anticipate a continued interest from motivated owner-occupiers, developers, and investors eager to capitalise on current market values and stable interest rates as we move into spring.”
The next Savills auction will be held on 19 March.
