Savills raised more than £114m across the firm’s second and third auctions of the year taking place on 12th and 26th- 27th February respectively.

Across the two auctions, over 370 residential, mixed-use and commercial lots went under the hammer, achieving a combined success rate of 68%.

The February auctions saw demand for higher-value lots, with 20 properties selling for over £1m. This pushed the average sale price to £450,000 – a 57% year-on-year increase.

On the residential side, a substantial freehold block of 24 one-bedroom self-contained flats located in Sidcup sold for £3.49m – more than 132% more than its original guide. Elsewhere in Kent, a freehold site with planning permission for 19 dwellings sold for £1.7m following a string of competitive bids, while in Hackney, a three-storey property comprising two flats sold for £1.24m, nearly £300,000 more than its guide price.

Jeremy Lamb, director for Savills auctions, said: “We are thrilled to have raised £114m across our two February auctions – a 20% increase on the same period last year.

“While there was some initial hesitancy in our early February sale, momentum picked up significantly toward the end of the month, with strong competitive bidding on well-located, high-yielding assets across the country.

“Combined with our January auction, this brings our total raised so far this year to just shy of £165m.”