£7m Post-Brexit Property Boom

Sutton Kersh’s first post-Brexit property auction has provided a clear sign that confidence in the property market has not dissipated following the UK’s exit from the European Union.

Held, for the first time, at Liverpool’s Hilton Hotel, the auction saw 95 lots up for grabs with eager buyers packing the venue (with standing-room only) and many others participating via phone.

20 lots had already been sold before the auction, totalling over £1.6 million.

Aside from the excitement that naturally builds within the atmosphere of an auction room, there was a touch of small-screen glamour added to the occasion – thanks to BBC One’s Homes Under the Hammer team – who were in the room filming a new episode.

Once proceedings were underway the atmosphere continued to build – due in part to the unprecedented number of phone bids that were received – over 100; the most ever received during a Sutton Kersh auction.

The large volume of phone bids also confirmed that the North West is increasingly becoming the focus of property investors from outside of the region.

Commenting on the auction, Sutton Kersh Auctions Associate Director Cathy Holt, said:

"This was a great way to start the year, and it’s good to see that Brexit hasn’t dampened bidders' enthusiasm. We saw many lots going for much more than expected. Indeed, it seems that in post-Brexit Britain, property is being viewed as one of the safest investment options by more and more people. With over 90% of lots sold it’s clear there’s no shortage of willing buyers."

"To have over 100 bids by phone is unprecedented and was an indication of what many of us in the North West have known for years; that it is rich with property investment opportunities which now seem to have caught the attention of those outside the region."

The highlight of the day was a special lot in Oldham which had a guide price of £10k. Following a bidding war with over 10 phone bids it was sold for a staggering £71k, leading the room to erupt in applause for the successful bidder.

The next Sutton Kersh auction is on April 2nd 2020.