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TODAY'S OTHER NEWS

Savills auction raises £18.4m after switching to remote-bidding-only sale

Some 69 lots were offered online by Savills with prospective buyers invited to place remote bids via the telephone, online or by submitting a proxy bid. 

In line with the latest government guidelines, the auction was conducted by a single auctioneer supported by a team of almost 30 colleagues all remotely working from home to help power the sale, which would normally be held in a hotel ballroom and attended by hundreds of buyers. 

Stand-out sales include five London properties which sold for more than £1m, all of which received competitive bidding.

The auction is often cited as the front line of housing market activity and these high value transactions coupled with the overall results indicate the faith that property investors have in the market.

Chris Coleman-Smith, head of Savills auctions, said: “To be able to deliver such strong results for our clients via our first ever remote bidding only auction is a great achievement. 

“Although we’ve always offered online, telephone and proxy bidding alongside the ballroom, this was a new way of operating for us and nearly 30 team members were all working remotely to power the auction. All lots were offered by a single auctioneer who did a remarkable job in keeping the day and proceedings running smoothly.

“There was competitive bidding throughout and already we’ve had some great feedback from clients extremely pleased with the sales achieved for them. What this all shows is that we can adapt where required to be able to service clients efficiently, even if the parameters of how we do it may have changed.”

Poll: Are you currently willing to buy property via a remote-bidding-only online auction?

PLACE YOUR VOTE BELOW

  • icon

    So maybe the property market is not dead but just in transition to another format. Makes a mockery of those stating there will be massive falls in property values and prices.

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