Knight Frank is permanently putting properties under the hammer after a successful auctions trial this summer and has hired sector expert Richard Watson to launch the business.
Its new auction business, which was prompted by the lockdown when estate agents couldn’t view or value properties, launches next month, giving clients the option to sell their properties faster by creating a dedicated service line.
Knight Frank plans to initially focus on residential property, but says there should be commercial lots available in the future. Its first auction is on 22nd October when buyers can bid on a catalogue of residential properties listed from across its new homes, London sales and country house businesses. The global property firm has plans for six further sales, with dates already planned in December and February 2021.
The trial, which ran in early July, featured eight lots with an average capital value of £910,000.
Tim Hyatt (left), head of UK residential at Knight Frank, says it wants to provide clients with a comprehensive experience. He adds: “We’re 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.”
New head of auctions Richard Watson was formally head of UK residential auctions at BidX1 and spent 17 years at Allsop, becoming a partner in its residential auctions division.