Buy to let bidders help virtual auctions hit new highs

Savills latest remote auction in 2020 saw £40m raised with 90 lots sold bringing the total value of property sold in 2020 to £195m.

This is over 30 per cent higher than the same period in 2019, in contrast to a fall in the residential market as a whole. 

The latest sale saw strong success across all price ranges but the average sold price was almost £450,000 indicating a higher price-band than at most resi auctions.

Christopher Coleman-Smith, head of Savills Auctions team, says, “Our sixth interactive remote auction sale was a great success which is testament to the innovative auction style we’ve been carrying out since the spring. 

“We had 130 telephone bidders, an option not provided by all virtual auction styles. Buying a property is both a big step and a large financial commitment for many. The number of phone bidders that we saw highlights that people are still craving the experience of talking to a real human and being walked through the buying process.

“The best part of auctions is the long standing relationship with so many different buyers and sellers and the diverse range of properties and the combination of both our years of experience and ability to innovate paid off in our latest sale.”

On the day itself vacant houses sold well, as well as those with opportunities for mixed use investment.