Knight Frank is set to formally launch an auction business following a pilot sale in July this year. On 9 September, the group announced that it will hold seven more sales in total with the next three being in October, December and February 2021.
The launch marks the beginning of the firm’s entry into the property auctions market and the creation of a dedicated service line. Knight Frank will be offering a catalogue of its residential properties from across its new homes, London sales and country house businesses. The firm will run its next auction on 22 October.
The trial, which ran in early July, featured eight lots with an average capital value of £910,000.
Tim Hyatt, head of UK residential at Knight Frank, commented: “In order to provide a comprehensive experience for our customers, we have made the decision to progress with a series of auctions following a successful trial of the platform earlier in the year.”
Knight Frank’s entry into the property auctions sector was prompted by the government’s lockdown restrictions imposed in March this year, which prohibited estate agents from viewing and valuing properties.