On 14 December Savills Auctions held its final sale of the year which raised £34m - bringing the total value of property sold in 2022 to over £455m (up from £352m in 2021) – a 29% increase and nearly £100m more than last year
Savills sold 63% of its 122-lot catalogue at its 14 December sale, raising £34m.
Several residential properties in London sold for over £100,000 in excess of guide price including a substantial four bedroom terrace house in Camberwell (Lot 18) which sold for £852,000 and a Victorian mid-terrace property in Brixton (Lot 38) which sold for £925,000. A particularly pretty property with a private garden in Fulham (Lot 5) attracted particularly strong interest and saw competitive bidding from several individuals. The property has planning permission for a one bedroom flat and sold for £399,000 – its guide price was £295,000.
Commercial highlights included a former freehold pub in Camberwell (Lot 89) which sold above its £1.75m guide price shortly after the auction, a pair of interconnected buildings close to Brighton (Lot 133) which sold prior to the sale for considerably over £2m and a retail investment with further development potential in London’s Finsbury Park (Lot 135) which sold on its £600,000 guide price.
Westhorpe House, a substantial development opportunity, including a Grade II listed former Manor House (Lot 98) sold prior to the auction for well in excess of its £3.8m guide price.
Robin Howeson, Head of Auctions at Savills at Savills says: “It’s been our best-ever year and we’ve raised nearly £100m more than last year, which is unbelievable, particularly given 2022 hasn’t been without its challenges.
Overall it’s been a strong market throughout the year despite an increasingly turbulent economic backdrop and we are thrilled to be ending the year with a new record.
The strong results are testament to the hard work and commitment of our whole team which continues to go from strength to strength. As we head into 2023, we hope to be able to build on our results and work on bringing to market a strong range of properties for our February sale.”
Savills next sale will take place on Tuesday 7th February 2023.