Leading North West auctioneers Sutton Kersh raised £1,832,500 and sold 23 of the 44 lots available at its final auction of the year at the Marriott Hotel Queen Square last week.
High levels of pre-auction activity resulted in 13 deals completing outside of the auction room prior to the sale. The atmosphere in the room was more subdued with 8 selling. Many of those sold did so for well in excess of their reserve prices. Beacon Hill House on Beaconsfield Road in Woolton was the opening lot of the day. Guided at £325,000, this substantial redevelopment opportunity attracted numerous underbidders and was eventually knocked down for £367,000.
Other standout lots included a vacant residential property on Stamford Drive located off Mather Avenue in L19. The three-bedroom semi-detached property was guided at £65,000 and sold for £84,000. Lot 38, a three-bedroom semi-detached house on Blackmoor Drive located just off East Prescott Road in L12 also attracted a flurry of bidding. With a guide price of £80,000 a bidding war resulted in it selling for £115,000.
This is the fifth consecutive year that the Liverpool auction house, which also has a London division, has managed to maintain its position as the best performing auction house in Merseyside. Throughout 2010 they have held 7 auctions in Liverpool and have sold over 370 lots for in excess of £20million; £1million over the total reserve price.
James Kersh comments "It has been a mixed year in the property market. There has been a shortage of quality auction lots and as a result our catalogues have been much smaller. A lack of finance continues to hamper activity and is slowing the speed of recovery. Investor presence has increased over the course of the year which is a positive sign. December is historically a quieter period in the housing market, so we are pleased with the result given the circumstances. I think the buoyant atmosphere at our September and October auctions is more indicative of where the market is, reflecting a stronger investor presence and an intent to buy."
"I think we will continue to see very slow signs of recovery over the next 12months. Banks and lending conditions hold the key to any significant recovery in the property market. The potential for medium to longterm capital growth with prices as low as they are is phenomenal and I suspect we will see a lot of wealthy investors emerge from this crisis when the market eventually recovers."