Just three days after the UK general election results were announced, Savills auction team held their third auction of the year, selling over £40million worth of property with an 88% success rate on 11 May 2015.
Chris Coleman-Smith, head of Savills UK London & National Auctions comments: "The general election had a limited impact on auction buyers, with standing room only at three of our London auctions so far this year and a total of over £145m worth of property sold. Cheaper stamp duty rates for the mainstream market continue to provide bidders with an extra bit of room to manoeuver and it was business as usual on Monday."
Garages with parcels of land in Brondesbury Park and Croydon both sold for well above guide, while eight ground rents in Eastbourne created plenty of competition between bidders, showing continued appetite for a diverse range of property investments. Four lots sold for over £1million, with a Shepherd's Bush building arranged as three self-contained flats the most expensive sale of the day at £1.41million.
We are now inviting entries for our next auction on Monday 22nd June, if you are interested in selling a property at auction, please contact us on 0207 824 9091.