London homes sold for 70% above guiding price in Savills auction

London homes were sold more than 70% their guide price at a property auction this week.

The Savills auction saw two studio flats in Bayswater with a guide price of £130,000 go off the market for £180,000 and £225,000. Also, Hammersmith & Fulham council sold a ground floor flat for £450,000, £111,000 above its guide price.

Christopher Coleman-Smith of Savills Auctions told the Standard, “Buying at auction is one of the most transparent ways to purchase a property with the price being entirely dictated by the people in the room on the day. The guide price is almost irrelevant — it’s where the bidding ends that counts.”

“It’s a great place to get a feel of where the next hotspots might be. Five to 10 years ago auction buyers were snapping up properties in Dulwich, Camberwell and Peckham. At the moment we are seeing more buyers seriously investing in places like Lewisham, Sydenham and Forest Hill,” his colleague Paul Mooney added.