Savills’ last residential auction of the year achieved a 69% success rate and raised £25m as the market adjusts to a tougher climate.
Some 87 of the 127 lots offered were sold, with five going prior to auction. The success rate was up slightly on the 67% achieved at its November sale, but lower than the 80% at Savills’ September auction.
The December auction was smaller than the firm’s December 2015 sale when £36.6m was collected from 138 lots with a success rate of 85%.
But Savills’ head of auctions, Chris Coleman-Smith, was upbeat: “Around 70% is an excellent result. That’s where the market is. There is a slight adjustment going on.
“It is a bit more difficult than a year ago, but an awful lot of people still want to buy,” he said.
“I am optimistic for next year – things will kick on big time. If you are a buyer, now is the time to buy – there is a window. The market will get stronger.”
Coleman Smith said Savills had more properties booked in for the February auction than it had this time last year.
He said houses priced under £300,000 within the M25 were a better investment than flats, which are more plentiful.
The best price achieved was £1.1m for two adjoining terraced houses in Mortlake High Street, SW13.
One of the most expensive lots was a three-floor terraced house in Chiswick, W4, bought by owner-occupiers for £1m.
A house in Barnes, SW13, sold for £817,000 at auction after failing to sell with agents.
The sale was held at the London Marriott Hotel, W1, on 12 December.
