Want to sell your house or flat through an auction? Contact the team at Savills Auctions.
Savills Auctions is able to find buyers at auction for many properties
The auction team of global property services provider Savills operates out of the company’s headquarters in London. Savills Auctions typically hosts auctions of 100 properties or more every month or at the very least every two months, providing an almost year-round opportunity for property owners to find a sale that works with their schedule no matter in which season they want to sell.
The long-established company notes on its website that it has more than 100 years of combined experience as property auctioneers, achieving successful sales worth tens of thousands of pounds. Their catalogues are available online and include many types of properties such as detached houses, flats, selling land and even mixed-use properties with ground floor retail space but residential accommodations above. Each listing also includes the minimum reserve price, which is the lowest value at which the owner agrees to sell the property at an auction.
Savills Auctions holds its auctions in person, but it does allow potential buyers to register and bid online in real time if they are unable to attend the auction where it’s being held. It also takes steps to ensure buyers follow through with their bids, noting that a qualified bid is binding and also requiring the payment of a 10 percent despite and buyers’ fees for a successful purchase.
Telephone number: (020) 7824 9091
Email: Browse team members and contact them at Contact form
Website: https://auctions.savills.co.uk
Address: 33 Margaret St, London, W1G 0JD
Top details to discover about selling a property through an auction
If you would like to auction your freehold or leasehold flat or house, contact an auctioneer and they will prepare a listing for your home. This will include photographs of the property along with a description of its size, rooms, and overall condition. The auctioneer will advertise this listing in local newspapers, online and elsewhere to notify potential buyers about the upcoming sale.
There could be a few weeks to wait between the date of listing your property and when the auction takes place. On the day of the auction, people will be invited to start bidding on your home at the opening reserve price – the lowest price at which you will accept the property selling. If nobody bids on your home then it will not sell. If only one person bids at the reserve price, that is a legally enforceable agreement to purchase your home at that value. And if multiple people bid on your home the final sale price will hopefully be higher.
You might have to wait a few weeks after a successful auction whilst the required legal paperwork for the transfer of the property’s ownership is completed. But most auction houses require that buyers complete all of this work entirely within 28 days of the auction happening, which ensures a relatively speedy sale if someone bids to purchase your property.
Queries and answers about Savills Auctions and property sales
Yes, Savills Auction says that most types of properties are suitable for auction, although it also notes that the type and condition of a property will affect the level of interest it receives from potential buyers during the auction, which can often be an unpredictable outcome.
Auctioneers such as Savills Auctions charge commission that the seller pays to cover the cost of the work that the company has done to sell the property, including hosting the auction.
Yes. The company makes clear on its website that if a property sells at one of its auctions, the buyer must complete the process of purchasing the home within a set amount of time. Typically, auctioneers require that the sale be finalised no more than 28 days after the auction occurs.
