November has been a landmark month for Savills Auctions, an auctioneer in the property market. They have achieved an unprecedented milestone by selling over £100M worth of property. This figure not only sets a record for the highest monthly sales but also indicates a remarkable 70% increase compared to the same period last year. Such an achievement demonstrates a significant upturn in the property auction market, signaling strong investor confidence and market dynamism.
Details of the November Sales Success
The highlight of November’s success was the second auction, where nearly £60M was raised. This event alone marks the highest revenue from a single auction for Savills this year. The auction saw 150 properties sold, boasting a 75% success rate, with an average lot size of £400K.
This outstanding performance in November contributes to the total sales of over £533M for the year, a notable 25% increase from 2022. These figures not only reflect the strength of the property market but also the growing appeal of auctions as a viable avenue for property transactions.
Spotlight on Commercial and Residential Sales
The commercial sector saw several properties exceeding their guide prices. Notable sales include:
- A freehold investment property in Harrow selling well above its £2.5M guide price.
- A development opportunity in Surbiton, planned for 24 apartments, also exceeded expectations.
- A five-floor office building in London’s Kings Cross, a mixed-use investment in Kensal Rise, and a shop and office space in Islington, all surpassed their guide prices.
- A high street retail investment property in Rayleigh, Essex, was sold even before the auction.
These sales underscore the high demand and competitive nature of the commercial property market.
Residential Property Highlights
Residential properties also saw robust sales, with several lots exceeding their guide prices. Key sales included:
- Aldous Boathouse in Teddington.
- A five-bedroom house in Islington.
- A two-bedroom flat in Belsize Park, which sold for £250,000 over its guide price.
- A first-floor flat in Chiswick.
These sales highlight the strong market for residential properties, especially in sought-after locations.
Insights from Savills Auctions
Jeremy Lamb, Director at Savills Auctions, remarked on the diverse interest across different property sectors and locations. He attributed the buoyant auction results to increased bidder confidence, driven by the falling cost of debt. Lamb also noted the cross-selling benefits of their multi-sector catalogue, which appeals to a wide range of buyers.
Looking Ahead
With one more auction scheduled for 13th December 2023, Savills Auctions is gearing up for what could be another successful event. The catalogue for this auction will be released soon, potentially offering more diverse and attractive property options for investors.