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In the March 2010 Issue of Property Investor News
Auction Review
Savills Residential's latest auction was a two-day event from 15-16th February at London's Royal Garden Hotel. The auction had a success rate of 89%, selling 179 lots out the 202 offered, and raising £40,925,500.
Chris Coleman-Smith, auctioneer for Savills Residential, said: "It was a fantastic sale and we would have made a further £6m if 20 lots had not been withdrawn by the council! I think this is a record sale as it topped Feb 07's sale, excluding post-auction sales, but including those lots that sold beforehand and also those that sold in the room. Our success rate is very encouraging. The feedback we've had is pleasing as most buyers and sellers preferred us holding a two-day sale. It wasn't a race to the end but it was steady and gave bidders more time to think about what they want to do.
"We try to get the right lots in the catalogue therefore we do turn a lot of properties away when we put the auction catalogue together, but we are not always right - I would say that we get one out of ten wrong. If we get more than this and the auction doesn't become 'buzzy' then people will sit on their hands and the success rate will not be so good. It is so important to have a buzzy, lively auction room. There were all types of people buying in the recent auction including private investors, owner occupiers and developers."
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