Brexit Boom at £7.3m property auction

Bumper property sales could be a sign of a 'Brexit Boom', according to auctioneers Sutton Kersh.

"There’s definitely no Brexit gloom around. It looks as if investors and developers see property as a safe haven in very uncertain times," said Sutton Kersh Auctions Associate Director Cathy Holt after their latest sale day raised more than £7.3m - with some lots realising double the guide price.

"It was a great start for the second half of our auction year," added Ms Holt. "A packed auction room, with queues to get in, plenty of active buyers, and some great results for vendors, and 83% of properties sold."

One lot which sold for more than double the guide price was a cleared redevelopment site in Swan Street, Tuebrook. It went for £129,000, with bids starting at £50,000.

Residential property with potential for renting also did particularly well. A two-bedroom character Georgian style coach house in Blackburne Place in Liverpool 8, producing £10,800 a year, sold for £241,000, against a guide price of £160,000.

And a three storey six-bedroom semi-detached house in Broughton Drive, Grassendale, - ripe for conversion - made £185,000 against a £150,000 guide price.

A five-bedroom Victorian house on Part Street in Southport, with potential for conversion to flats, made £269,000 against the £200,000 guide.

"There's clearly a strong market at the moment for this kind of residential property, where there's potential for a significant return on investment.

"That was also evident from the results achieved for some of the retail and mixed-use lots, which again saw strong interest and good prices achieved.

"A mixed-use property in Anfield - two flats and a retail unit - went for more than double the guide price, at £100,500.

"We think it all goes to show that good property will always be attractive to buyers when other forms of investment may be less predictable and assured," added Ms Holt.

The next Sutton Kersh auction is on October 31st at Liverpool Marriott Hotel City Centre.