Knight Frank to launch auction business
Knight Frank is set to formally launch an auction business following a pilot sale in July this year.
The group said that it will hold seven more sales in total with the next three being in October, December and February 2021.
The launch marks the beginning of the firm’s entry into the property auctions market and the creation of a dedicated service line.
Knight Frank will be offering a catalogue of its residential properties from across its new homes, London sales and country house businesses. The firm will run its next auction on October 22.
The trial, which ran in early July, featured eight lots with an average capital value of £910,000.
Tim Hyatt, head of UK residential at Knight Frank, said: “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.
“I am delighted with the industry leading team we have put in place, recruiting Richard Watson to head up the initiative.”
Knight Frank’s entry into the property auctions sector was prompted by the government’s lockdown restrictions imposed in March this year, which prohibited estate agents from viewing and valuing properties.
The firm said its new offering will provide clients with an option to sell their properties faster during this heightened period of uncertainty.
At this early stage, Knight Frank has said the service will focus on residential property, but commercial lots are likely to be offered in the future.
Richard Watson, who was appointed as head of auctions at Knight Frank this year, was formally head of UK residential auctions at BidX1 and spent 17 years at Allsop, latterly becoming a partner in its residential auctions division.