Despite the adverse weather conditions and a delayed start time, there was a full house at the Marriot Hotel on Grosvenor Square yesterday for the Savills October auction. Ј45 million worth of property was sold with an average success rate of 88%. This eclipsed last year's total of Ј32 million and leaves the grand total to date at Ј286 million compared with Ј241 million this time last year.
This month's auction had a considerable number of premium lots including nine in Fulham, an area which always proves very popular in the room. Lot 60, an attractive pair of Grade II listed semi-detached buildings and once belonging to the Anchor Brewery in Borough was also highly anticipated and eventually sold for Ј2.96 million against a Ј2.25 million guide price to residential buyers.
Head of auctions, Chris Coleman-Smith said: "This has been our most successful October auction ever and proves that people will flock to the room for good properties in good locations even though the poor weather meant early travelling conditions were difficult. Bidding was extremely competitive throughout the day and Lot 60 generated a lot of interest in particular. I am delighted that we were able to achieve such an excellent sale on the day, the proceeds of which will be invested into building new council housing stock."
Several of the lots generated considerable competition with the room remaining full for the majority of the day. As a result, several lots sold for over Ј1 million. Particular highlights included:
Lot 36, an impressive terraced building arranged as four two bedroom self contained flats in Notting Hill sold for Ј2.21 million against a Ј900k guide price.
Lot 40, an attractive mid terrace property arranged as three self contained flats close to Shepherds Bush station sold for Ј1.23 million against an Ј800k guide.
Lot 63, a three bedroom end of terrace house with planning extension near Dukes Meadow, the Riverside Health and Racquets Club and the River Thames sold for Ј815k against a Ј495k guide price.
Lot 74, a one bedroom flat in Chelsea's Drayton Gardens and close to the shopping facilities of Chelsea, Kensington and Knightsbridge, sold for Ј586k against a Ј375k guide.
Lot 117, a modern corner development of seven self contained flats in a highly convenient location close to the historic centre of Gillingham sold for Ј620k against a Ј525k guide.
Auctioneer Paul Mooney added that "the market seems to be still very robust with owner occupiers out in force wanting to invest in bricks and mortar as opposed to having their cash languishing in bank accounts. This coupled with dealers and investors wanting to replenish stocks has caused a perfect storm in the market."
The next Savills UK auction takes place on Tuesday 10th December at The Marriott Hotel on Grosvenor Square in London. The catalogue will be out on 22nd November featuring a variety of London and UK properties.
This month's auction had a considerable number of premium lots including nine in Fulham, an area which always proves very popular in the room. Lot 60, an attractive pair of Grade II listed semi-detached buildings and once belonging to the Anchor Brewery in Borough was also highly anticipated and eventually sold for Ј2.96 million against a Ј2.25 million guide price to residential buyers.
Head of auctions, Chris Coleman-Smith said: "This has been our most successful October auction ever and proves that people will flock to the room for good properties in good locations even though the poor weather meant early travelling conditions were difficult. Bidding was extremely competitive throughout the day and Lot 60 generated a lot of interest in particular. I am delighted that we were able to achieve such an excellent sale on the day, the proceeds of which will be invested into building new council housing stock."
Several of the lots generated considerable competition with the room remaining full for the majority of the day. As a result, several lots sold for over Ј1 million. Particular highlights included:
Lot 36, an impressive terraced building arranged as four two bedroom self contained flats in Notting Hill sold for Ј2.21 million against a Ј900k guide price.
Lot 40, an attractive mid terrace property arranged as three self contained flats close to Shepherds Bush station sold for Ј1.23 million against an Ј800k guide.
Lot 63, a three bedroom end of terrace house with planning extension near Dukes Meadow, the Riverside Health and Racquets Club and the River Thames sold for Ј815k against a Ј495k guide price.
Lot 74, a one bedroom flat in Chelsea's Drayton Gardens and close to the shopping facilities of Chelsea, Kensington and Knightsbridge, sold for Ј586k against a Ј375k guide.
Lot 117, a modern corner development of seven self contained flats in a highly convenient location close to the historic centre of Gillingham sold for Ј620k against a Ј525k guide.
Auctioneer Paul Mooney added that "the market seems to be still very robust with owner occupiers out in force wanting to invest in bricks and mortar as opposed to having their cash languishing in bank accounts. This coupled with dealers and investors wanting to replenish stocks has caused a perfect storm in the market."
The next Savills UK auction takes place on Tuesday 10th December at The Marriott Hotel on Grosvenor Square in London. The catalogue will be out on 22nd November featuring a variety of London and UK properties.
Tel 08002425255 
renttoownproperties@consultant.com
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