Savills raised more than £32m at the company’s October auction. More than 150 commercial, residential and mixed-use lots were brought to market at the auction, with one of the standout lots being a former hotel and manor house in Coventry, which sold for its guide price of £1.7m (pictured).
Residential highlights included a three-storey terraced property in Tooting, which attracted multiple bids and sold for £1.29m, and a vacant, freehold, end-of-terrace Victorian property – arranged as two flats – which sold for £693,000 – £150,000 above its guide price.
Commercial highlights included a substantial freehold mixed-use investment in the heart of Chelsea, which sold prior to auction for a figure in excess of its £3.35m guide price, and a convenience store let to Tesco on a 15-year lease (expiring in 2032), which sold for £840,000.
Robin Howeson, director and head of Savills auctions, said: “There’s no doubt the market has slowed over the past six weeks, largely due to speculation around potential stamp duty changes ahead of the November Budget. While we expect this to be a short-term reaction, the market is showing signs of increased sensitivity.
“This is most evident in pricing, where a period of adjustment will be necessary for sellers. However, this can be mitigated with realistic and competitive pricing strategies. Ultimately, we anticipate that prices may need to come down by around 5% to 10% to stimulate buyer interest and competitive bidding in order to unlock value in the current climate.”
