And finally… homes under the hammer

And finally... homes under the hammer

Savills has raised record £71 million from the sale of 350 lots at its first-ever two-day live-streamed auction on 27 and 28 February.

The auction achieved 74% success rate. The auction showcased a surge in demand for higher value lots, with 13 lots selling for over £1m. Savills has already sold almost half of the lots valued at £1m or more across all property auctioneers in the year to date.

Commenting on the success of the sale, Savills auctions director Jeremy Lamb said: “Yesterday’s results outperformed our expectations with over £71 million raised from our first ever two-day sale which featured a record number of quality residential, commercial and mixed-use lots nationwide.

“With a total of over £140 million raised from the first three sales of the year, we’ve seen a remarkable 60% increase compared to the same period in 2023. This achievement truly underscores the dedication of our team, the ongoing success of our live-stream auctions and the enduring confidence in the market.

“The marathon sale was primarily driven by sellers aiming to meet their disposal targets before the financial year’s end. Now that 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.”

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