Sutton Kersh Auctions held their Spring auction on Thursday 7th April which saw them selling over £9.3 million worth of property. Over 500 people were registered to bid at the event and it was watched by hundreds of people across the country.
The team sold over £3.5 million worth of property prior to the live streamed event, which was around a quarter of their Lots. The auction predominantly consisted of vacant residential properties and residential investment opportunities.
The first Lot offered on the day was a three-bed mid-terraced property in the L11 area of Liverpool, which needed a full scheme of refurbishment works. It had a guide of £70,000 and sold for £101,000 on the day.
Cathy Holt, Associate Director, commented ‘We offered a significant number of vacant and residential investment properties in this auction and once again they were exceptionally popular both prior to auction and on the day. Judging by the demand, Liverpool is still proving to be a popular city to both invest and reside in and there are plenty of great property opportunities available throughout the City. Lot 7 is a great example of this; a three-bed mid-terraced property in L11, in need of complete refurbishment and modernisation, which sold for £25,000 over its guide price of £80,000.’
Some flats and apartments produced strong bidding wars and ended up selling for similar prices. For example, Lot 34 was a flat in Fairfield L6 with a guide of £125,000 and Lot 44 was flat in Old Swan L13 with the same guide. The former sold for £148,000 and the latter sold for just £500 less.
One particular Lot that drew a lot of interest was Lot 30, a two-bed mid-terraced house in Wavertree, which has a long-standing tenant in situ and it sold for £78,000.
Cathy also commented ‘Properties that are currently let were very popular. This is because the tenants are already in occupancy and therefore there is a guaranteed income from the properties upon completion of the sale, so they are great for investment purposes.’
Lot 66, a duplex apartment within a grade II listed building located in L17, a popular suburb in South Liverpool, saw an exceptionally high number of bidders register for it. It had a guide price of £115,000 and sold for £137,000.
One trend we are currently seeing is an increasing number of people investing in property on the outskirts of the city centre, hence the high demand for redevelopment and residential properties here. Lot 78, a two-bed mid-terrace house in need of refurbishment on Grantham Street in L6, sold for £24,500 over its guide price of £60,000, which was one of many reinforcing this trend.
Sutton Kersh will be holding their next auction on 26th May 2022.