40 properties, totalling £5 million, were sold prior to their 18th February auction and a further 80 were offered on the day. The total number of properties sold so far stands at 108, which is 90% of the lots offered.
The first 3 Lots offered sold for a considerable amount over their guide prices with strong bidding wars from the offset.
Lot 1, a two-storey gated commercial space in Manchester, sold for an impressive £167k over the guide price. The second Lot offered was in Liverpool L13 and was a double fronted detached property with 2 x two-bed flats, both of which are currently let and producing £8,160 per annum. This Lot sold for £197k and was listed with a guide price of £135k. The third Lot saw multiple bidders registered and resulted in a lengthy bidding war. It was a mixed-use investment opportunity on the popular Rose Lane in Mossley Hill, L18. The property was listed with a guide price of £175k but sold for a huge £119k over this.
Cathy Holt, Associate Director of Sutton Kersh Auctions, said ‘To sell over 100 Lots - worth over £13 million - is a true testament to our team, demonstrating their ability to attract and secure the right vendors and buyers and offering the properties at the right prices. I couldn’t be happier with how today went; there was a real buzz with plenty of bidding wars and I’m delighted that we achieved the company’s highest sales result to date, especially in these unprecedented times. We only have 12 properties left to sell post auction, again an extraordinary result.’
There were over 500 people were registered to bid at the auction and it was watched by hundreds of people across the country. Liverpool continues to attract investors and many buyers are clearly making the most of the stamp duty holiday; 75% of Lots sold for over the reserve price resulting in many happy vendors. Lot 24 in Wavertree is a great example of this, generating plenty of interest prior to auction and on the day. The three-storey end of terrace was previously used as offices but has had drawings prepared to convert the property to a six-bed and a seven-bed HMO investment opportunity.
The auction had a fantastic selection of residential and investment properties that would make the ideal property project for a developer or a first-time buyer. These ‘doer-upper’ properties had multiple bidders on them with many considerably exceeding their guide prices. Lot 12, a three-bedroom residential property on Hilary Avenue in L14, had a guide of £90k and sold for £137k.
In another example, Lot 85, a three- or four-bedroom semi-detached property also in L14 in Dovecot, was a fantastic property project with great potential to extend. It had a guide of £80k and sold for £144k after a fierce bidding war.
Sutton Kersh's next auction will be taking place on 8th April 2021.