Savills Auctions

Residential property has always been at the heart of Savills Auctions offering, with over 25,000 transactions equating to more than £7bn having been sold through our auctions since the start more than 25 years ago.

Our success in this field has always been built upon the foundation of obtaining best prices for our clients, through a combination mass and targeted marketing, tapping into the resources of the wider Savills network, and most importantly, providing the right advice upfront in terms of pricing to generate competitive bidding.

Residential – Why Savills?

Industry Experts

With residential property being the original core of our auction team, we have more than a dozen dedicated negotiators who are experts in residential property across the country. Together they have over 200 years of experience in the industry and include some of the most notable names in auctions today.

National Agency Network

With over 130 offices across the country, we have the reach to provide a national marketing campaign but without losing that all-important local focus and expertise.

Auctioneer Conducting the Bidding

With our bespoke live-stream auctions an auctioneer always conducts the bidding for every lot, and often is instrumental in getting a sale across the line and extracting those last couple of bids which may otherwise be missed, ensuring we get the best price for your lot on the day.

Specialists in Value-add Properties

Our bread-and-butter is in properties where there is the potential to add value. Whether it is via renovation works, a planning/development angle, short leasehold interests or a breakup into separate units, we have the reach and expertise to attract significant interest from buyers who can perform in short timescales and will often be the best method of sale for any asset where there is the potential for a buyer to increase the value.

What to Consider for Residential Sales at Auction

Likely buyer market

One of the most important considerations for residential property is what is your likely buyer market, as this affects the entire marketing process. Is it a renovation project, a tenanted investment, or something that may benefit from planning or breakup to achieve the highest value? All of these are considerations which we can advise on to maximise exposure to the right market.

Marketing timescale

The optimal time on the market can vary depending on location, demand, and price. What is crucial for an auction sale is generating competition without losing momentum or focus leading into a sale. For most properties the optimum time on the market for auction is two to three weeks, however if the property is above a particular price point for the area or would appeal most to a more niche market then a longer marketing time may get a better result.

Legal preparation

Key to auction sales is providing buyers with everything they need to make a decision and bid with confidence on the auction day, and one of the crucial elements of this is your solicitor being well prepared and providing a comprehensive legal pack for the property in good time before the auction.

Pricing

As with all property types at auction, the reserve price agreed is the most crucial element. It is important to set a price that will attract interest, while ensuring it is also something you are willing to accept. The competitive interest generated by a conservative reserve often serves to drive the bidding and therefore the final sale price higher.

If you would like more information on how the auction process works or to enquire about entering your property into an auction, contact the Savills Auctions team on
+44 (0) 20 7824 9091 or email auctions@savills.com

Contact the team