Savills raises £71m from record-breaking auction catalogue

Savills Auctions has raised £71m from the sale of a record-breaking catalogue of 350 lots this week. The sale achieved a success rate of 74% and showed a significant uptick in demand of higher value lots, with 13 lots selling for more than £1m. Strong bidding was seen for residential assets, with highlights including a six-bedroom detached house in Slough, Berkshire, which achieved a hammer price of just shy of £2m. In East Dulwich, south-east London, a freehold, Victorian townhouse sold for just over £1m after a series of competitive bids between end users, investors and developers. In commercial real estate, a freehold office investment located to the east of the Olympic Park sold in excess of its £2.4m, while a freehold corner investment opportunity comprising of a ground-floor shop, basement and a self-contained one-bedroom flat in Twickenham, south west London, achieved just over £1.1m – some £400,000 more than its guide. Auctions director Jeremy Lamb said the results outperformed expectation. Lamb said: “With a total of more than £140m raised from the first three sales of the year, we’ve seen a remarkable 60% increase compared to the same period in 2023. “The marathon sale was primarily driven by sellers aiming to meet their disposal targets before the financial year’s end. Now 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.” Savills next auction will be held on 19 March.