Mid-summer property auctions on both sides of the River Mersey – held by Sutton Kersh and Smith and Sons – raise more than £12m. Tony McDonough reports
Sutton Kersh in Liverpool and Smith and Sons in Wirral have raised a combined £12.1m from their mid-summer property auctions.
In its online event, Sutton Kersh raised £10.6m. That takes it total for the year to £38m from the sale of 270 properties. This latest auction saw just under 20 properties which sold with guide prices of £50,000 or less.
Also on offer were more than 30 residential investment properties and vacant land, in addition to 15 mixed use and commercial properties. Associate director Cathy Holt said the firm saw a record number of pre-auction sales.
Lot 1, a two bedroom house just off Smithdown Road in south Liverpool, was listed with a guide price of £45,000. The property would be suitable for investment purposes with a potential rental income of £7,000 per annum and sold for £73,000 on the day.
Lot 12 sold for £38,000 over its guide price. This four bed semi-detached home in Aintree was in need of refurbishment but would make a family home or investment opportunity for the buyer once the works were complete.
Lot 51, a mixed use three storey unit, currently comprising a retail unit and self-contained flats, was listed with a guide of £125,000 and sold for £169,000 and once the works are completed has a potential rental income of £31,200.
Sutton Kersh also sold a detached cottage in Cornwall which was listed at £395,000 but eventually sold for £559,000. It will hold its next auction on September 12.
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Smith and Sons, based in Birkenhead, raised £1.5m from its summer actions. It sold a range of properties from terraced and semi-detached investment homes, to land and commercial developments.
Two standout properties in Birkenhead sold significantly above the guide, bidders recognising the scope and potential presented by both. A plot of land attracted fierce bidding as did two houses requiring refurbishment.
Auctioneer Chris Johnson said: “There were some strong lots available and we saw good sales for over half of the properties.
“This remains an uncertain time for the property market as we change government and interest rates remain high and prospective buyers are cautious in how they move forward with their next purchase.
“The auction room can often reflect what’s taking place within the wider market, and I believe that this is undoubtedly the case here.”