Savills' August property auction successfully raised more than £30 million, with 81% of the 130 residential and commercial lots offered finding buyers. The auction saw strong demand from bidders, according to Jeremy Lamb, director at Savills Auctions.
Notable residential sales included a two-bedroom flat in Pimlico, which sold for £725,000, exceeding its guide price by £250,000. This property, requiring renovation, attracted those seeking development potential. Other sales included a two-bedroom terraced house in Bethnal Green for £617,000 and a four-bedroom semi-detached house in Mill Hill for £635,000.
Commercial properties also sold well, such as a 97.8-acre former golf club in Edenbridge and a mixed-use freehold investment in Alton, Hampshire, both selling prior to auction close to their guide prices. A freehold car park in Aldershot with space for eight vehicles achieved £13,000 against a guide price of £1,000.
Jeremy Lamb noted that buyer demand remained strong throughout August, with both owner-occupiers and investors actively seeking opportunities where value could be created through asset management and improvement.