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Residential Auction Review

Savills held their final residential auction of 2011 in London at the Royal Garden Hotel in Kensington on the 12th December. With the current backdrop of increased uncertainty for the UK housing market, the auctioneers achievement in reaching a success rate of 83% of lots sold should be noted. There were 108 lots on offer and the total realised on behalf of vendors is now approximately £22.5m according to auctioneer Chris Coleman-Smith.

He says: "A positive atmosphere in the room is important for a successful auction as well as having marketable lots on offer which are set at realistic reserves. Although a good proportion of the lots on offer were located in London and south-east England, we also once again managed to almost sell all of the properties in northern England on behalf of our vendors.

"We have managed to achieve a success sale average of 86% at our London auctions in 2011. Unlike a few auctioneers, we try to avoid vendors with an overly optimistic view that just want to give it a go and therefore set the reserve too high, that would simply leave us with stock that does not sell as its overpriced."

"London has been a strong performer in 2011 and this could continue into the year ahead. We are still seeing many cash buyers attracted by increased rental returns as well as those who can see opportunities for enhancing value from refurbishing stock which needs work. Clearly the lending market is not what it was just a few years ago but there is still a strong appetite for correctly priced property which the attendance in the room once again underlined."

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