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Realistic pricing attracts 'motivated buyers' and achieves 'best results'

It was standing room only at the Marriott Hotel in Grosvenor Square on Monday as Savills Auctions returned to the venue for their first sale of 2017.

With 216 lots on offer, the crowded room was filled by a large cross section of buyers hoping to secure a good investment, attracted by a diverse catalogue.

Unsurprisingly, properties that offered the potential to add value and make a profit attracted fierce competition, helping to push the average sale price up to £376,000, compared to £310,000 during 2016.

In total, just short of £65m was raised during the course of the day, with an 80% success rate.

Chris Coleman Smith, head of UK London & National Auctions, commented: “Our first auction result of 2017 should set a positive benchmark for the year ahead. This week clearly demonstrated that there is plenty confidence in the market.

“In the past ten years we have only had five sales raising over £60m, and this result shows the continued strength of the auction room.

“During 2017 realistic pricing remains key to attracting motivated buyers and achieving the best results.”