Savills raises £25m at second auction of the year

Savills raised more than £25m from the sale of 98 lots at its second auction of the year. The sale, which took place on 6 February, recorded an 80% success rate, with strong demand for lower-value, high-yielding commercial investments as well as flats in prime central London. Residential highlights from the day included a ground-floor and first-floor flat in Tuffnell Park, N19, which sold for £63,000 over its guide price of £575,000, a five-bedroom terraced house in Tottenham, N17, which sold for £485,000 and a top-floor studio flat in Notting Hill, W11, which sold for £396,000.  On the commercial side, high-yielding retail investment opportunities sold well, with a property in Chesterfield, Derbyshire, selling for more than double its guide price and another in Kingwinsford, West Midlands, selling for three times its guide of £20,000. Savills auctions director Gary Murphy said: “In the last two weeks we have raised more than £70m from our sales – over 50% more than the same period last year. There’s a strong sense that the market is now picking up.” He added: “Lower-value flats and lateral apartments were particularly sought after in prime central London and the key commuter towns, indicating wider market stability and confidence among owner-occupiers and investors. There was also a notable number of commercial buyers in search of high-yielding commercial investments – mostly transacting on retail opportunities in popular towns or located in prominent positions.” Savills’ next auction will take place on 27 and 28 February.