Savills raises £30m at first July auction

Savills raised £30m from 109 lots sold at auction, notching up a 70% success rate. The 2 July total brings the firm’s year-to-date total raised to more than £430m, a 60% uplift on 2023. The early July sale will be followed by a bumper auction taking place later this month, with 300-plus lots set to go under the hammer on 23 July. Stand-out lots of the day included: An East Finchley, N2, investment/development opportunity comprising a four-floor corner building with retail unit across the ground and basement, and residential accommodation over first and second floors, that sold for £1.1m (pictured). A three-bedroom terraced house in Queen’s Park, NW6, requiring refurbishment, that sold for £985,000. Two semi-detached houses in Maidenhead with development potential, that sold for £900,000. A three-bedroom mid-terrace house in Southgate, N14, requiring refurbishment, that sold for £660,000. A former care home in South Ockendon, Essex, that sold for £636,000. A Truro town centre retail investment opportunity, let to two tenants (taking ground and floors one and two respectively), with a total rent of £64,500 per annum, that sold for £699,000. Nicholson Boyd, director, auctions, at Savills, said: “While there was some hesitancy among bidders yesterday, others were keen to transact ahead of the general election and we had some good success for development and investment opportunities in or close to the capital. “What we saw in the auction room yesterday chimes with Savills Q2 index released earlier this week, noting a degree of caution in the market as a result of the general election with some buyers looking to wait-and-see how the next few weeks unfold before making any plans. “Later this month we will be holding our largest ever auction with over 300 lots due to go under the hammer and, with the election then behind us, we anticipate seeing good interest and activity.” Photo © Savills