Savills’ first sale of 2022 raised £34.65m with a success rate of 79%, despite running into connectivity problems.
The 9 February live-streamed auction was extended to run over two days owing to a connectivity issue between data centres experienced by Savills’ third-party hosting provider.
The auctions team promptly communicated via phone and e-mail with all clients and did not lose any vendors or buyers as a result. In fact, Savills said the sale attracted the highest number of bidders it had seen since its auctions moved online and showed a 55% increase over February 2021.
The highest-value property was a vacant end-of-terrace house in Tufnell Park, N7 (lot 42), pictured, which went under the hammer for £1.43m. It is arranged as three one-bedroom flats but has planning permission for conversion to a two-bedroom garden flat and a three-bedroom maisonette, or could offer potential for being restored to a single family home.
Robin Howeson, head of Savills Auctions, said: “From the outset, we were focused on creating a catalogue that reflected market demand. There was a definite sense that people were extremely motivated to transact, especially where they saw a good opportunity.
“The appetite for income-producing lots remains as strong as ever and we saw away several that had investment appeal. There were also some particularly good results for any stock which had a development angle to it, on both a large and smaller scale, be that sites in the London suburbs or individual houses elsewhere in the country.
“The other big trend was owner-occupiers, who were extremely active at all pricing levels, particularly in London, where we saw some of our most significant sales take place.”
Howeson said instructions for its next sale, on 2 March, have already exceeded those for last year’s auction, adding: “The number of bidders who registered at our February sale is a clear indication that there is a significant pool of buyers out there wanting to invest.”
February auction highlights:
- Lot 1, Coleraine Road, Hornsey, N8 – sold for £925,000
- Lot 42, Dalmeny Road, Tufnell Park, N7 (pictured) – sold for £1.43m
- Lot 91, land in Purley, Surrey – sold for £800,000
- Lot 34, Thurleigh Mansions, Balham, SW12 – sold for £875,000.
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