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TODAY'S OTHER NEWS

High-end agency launches auctions to hedge bets in uncertain market

Knight Frank has launched an auction business to give vendors a wider range of sale options as market uncertainty remains because of the pandemic. 

The division will be led by Richard Watson; appointed as head of auctions at Knight Frank this year, he was formerly at the BidX1 and Allsop auction businesses.

A trial auction was staged by Knight Frank in July and deemed a success; it featured eight lots with an average capital value of £910,000.

Now seven more auctions have been announced with dates from next month to February. 

Arch-rival Savills has held five remote residential auctions in recent months, all in accordance with government guidelines, raising a total of over £100m. 

Knight Frank says its focus will be on residential lots at first but commercial properties are likely to be offered in the future.

The agency’s head of UK residential Tim Hyatt says: “We are dedicated to offering our clients the best possible service. In order to provide a comprehensive experience for our customers, we have made the decision to progress with a series of auctions following a successful trial of the platform earlier in the year.

“We are constantly looking at how we can evolve our business in order to best cater for the current demand and market conditions.

“Our auctions facility is the latest in a series of innovations from Knight Frank that aim to better inform and service our diverse range of clients.”

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