In our Summer Review we cited strength of demand coupled with a shortage of supply as being the main drivers of capital growth. These factors, together with the improving outlook on rental levels, prolonged low interest rates, global stock market volatility and recent pension reforms have all helped our clients achieve total sales of £449 million in 2015 and an overall 90% success rate, our highest annual success rate in a decade.
Since the summer we have conducted two auctions. Our October auction, held over two days, raised £110m reflecting a success rate of 88%. It was the largest property auction held in the UK since our October 2014 auction with well let and well located properties, as well as those where value could be added, all again benefitting from the greatest competition with 70% of all lots sold in the room achieving above their reserves.
Office investments with development potential saw particularly strong competition following the announcement, prior to the auction, that Permitted Development Rights are to be made permanent.
Our December auction largely mirrored our October sale with similar trends. £63m was raised reflecting a success rate of 89% whilst 73% of all the lots sold in the room were sold above their reserves.