Sutton Kersh generated over £6million worth of sales at its April property auction which was the largest to be held in Merseyside since 2004.
The leading local property auctioneer attracted a catalogue of 129 lots for the event which took place on the 18th April at the Liverpool City Centre Crowne Plaza Hotel.
High interest in the build up to the auction resulted in 17 lots being sold prior. There were also 14 lots withdrawn, some of which will be offered at Sutton Kersh's next sale on the 6th June. A total of 85 lots have sold so far and more sales are expected to complete afterwards.
Competitive bidding wars resulted in a number of lots selling for significantly more than their guide prices. Amongst them was lot 33 which sold for £69,500 above its guide price. The former Rangers house in Thurstaston was offered on behalf of Wirral Council. The vacant residential property was guided at £240,000 and sold in the room for £309,500.
James Kersh, director at Sutton Kersh commented:
“The outlook for the property market is looking positive both in the auction room and on the high street some five years on from the start of the financial crisis. Transactions have increased as has demand. Whilst interest rates remain at an ultra-low level, property is an attractive investment as a means for growing personal capital and I believe this is key driver for the growth in demand for auction properties.”
Auctioneer Andrew Binstock commented:
“There was a fantastic turnout for the auction and it soon became clear that many of the people were there with intention of buying. Numerous bidding wars resulted in lots selling for significantly more than their guide prices, and this wasn't a result of poor valuations, it was a result of sheer determination from investors to buy.
“It isn't just in the Sutton Kersh auction room that bidders are behaving like this. At Auction House London's recent auction a building guided at £170,000 sold in the auction room for £795,000. Confidence has certainly returned to the market.”
Sutton Kersh will hold its third auction of the year on the 6th June at the Liverpool City Centre Hilton Hotel. Instructions are being invited up until the 10th May.