Wirral property firm Smith and Sons generates receipts of £2.1m at its latest online auction with more than 50% of the lots sold. Tony McDonough reports
Commercial properties proved popular at the latest Smith and Sons property auction.
Wirral-based Smith and Sons says its latest online event saw 50% of the available lots sold, generating receipts of £2.1m. The firm said commercial properties with additional residential space proved to be “extremely popular”.
They secured figures far beyond the guide prices with residential investment of flats, terraced and semi-detached properties, all requiring upgrades and modernisation, also attracting strong bidding.
Chris Johnson, auctioneer at Smith and Sons, said: “This was a really lively auction that attracted a broad cross section of buyers.
“Commercial property as a long term investment is gathering momentum, offering more attractive tax incentives and benefits. Interest in residential property is now returning as higher taxation may be countered by lower sale prices.
“This auction also saw a number of first-time buyers looking to get onto the property ladder, securing terraced homes and flats, largely in Wirral.
READ MORE: Housebuilder Anwyl completes purchase of Wirral site
READ MORE: Wirral secures £51m for Birkenhead transformation
“We are experiencing more movement in the wider market. External factors such as a change in Government, inflation etc will inevitably impact the market.
“However, as we begin to see things settle, we believe this upward trajectory will continue and are already discussing properties to be included in our December auction.”