London’s reputation as a residential auction powerhouse was reinforced at Savills’ £36.2m sale on 8 May as competitive bidding led to strong results.
Savills sold 90% of its catalogue after 137 of 153 lots went under the hammer, including eight prior, at the sale at the Marriott Hotel, W1.
Some 86% of the sale was located within the M25, where the average lot size was £280,967, compared with an overall average of £264,441.
The largest lot sold was a terraced home in Fulham, SW6, which was offered on behalf of a housing association. It was bought by a developer for £1m off a guide of £625,000-plus.
Owner-occupiers, investors and developers were all well represented in the room, said auctioneer Christopher Coleman-Smith.
London’s sought-after areas, including Fulham and Chiswick sold well. Other traditionally less popular parts of the capital also attracted competitive bidding from owner-occupiers and investors.
“It’s encouraging, especially because properties in Harlesden and East Ham all sold well too,” said Coleman-Smith.
This sustained demand for residential stock in the capital was also reported by other auction houses, including Barnett Ross, which has traditionally sold commercial property.
The firm raised £16.2m at its 9 May sale – its best result in 18 months – on the back of a strategy to include more residential property.
It offered 82 lots and sold 60, including 16 prior, a success rate of 74%, at the Radisson Blu Portman Hotel, W1.
The largest lot under the hammer was a freehold mixed-use building, including 15 flats in Hornsey, N8, with an income of £213,912. It sold on behalf of executors for £3.1m off a guide of £2.5m, a yield of 6.52%.
The firm offered 13 residential lots and sold 11, equating to a success rate of 85%. This included a five-bedroom detached home in Finchley, N3, which sold on behalf of executors for just over £1m off a £1m guide.
The auction house announced in January that it would seek to include residential property in its catalogues in reaction to growing demand in the sector.
Auctioneer Jonathan Ross said the firm would maintain its residential focus on the back of the strong result.
samantha.baden@estatesgazette.com
