Stamp duty changes cause spike in auction sales

Auctioneers are predicting the next few months will see a spike in auction sales as pending stamp duty changes fuel purchases.

Liverpool based Sutton Kersh has seen a record level of instructions for their February auction, with more than 170 lots on sale and they are predicting bidding to be fierce.

Cathy Holt, recently promoted to Associate Director at Sutton Kersh, said: "With stamp duty set to rise by 3% on buy to let purchases in April, we are seeing a rush of lots coming to market and a spike in interest, with purchasers looking to complete deals before the changes come into effect."

Outside of the heightened levels of instructions and sales caused by the proposed stamp duty changes, auction sales have still been extremely strong in the last 12 months according to Sutton Kersh.  Cathy said: "We will be seeing increased auction sales in the buy to let market over the coming months, but as a whole auction sales figures for property have been high anyway.  Last year for example we sold 480 properties, raising nearly £40 million, which is really pointing to strong recovery in the City Region property market."

Sutton Kersh’s February auction will be held on the 11th February at the Crowne Plaza.  Lots on sale include some really unique properties including a Victorian water tower in Ormskirk, with planning consent for a four bedroom dwelling and a guide price of £120,000 and a detached, Grade II, listed Lodge in Woolton, with a guide price £90,000.