Based in Wirral, Smith and Sons saw bidders from as far afield as Abu Dhabi at it latest online property auction where a number of lots sold well in excess of their guide price
Wirral property firm Smith and Sons raised £2.4m from its latest online property auction, achieving a 78% success rate with record number of investors preregistered to bid.
The auction attracted phone and online bids from across the UK and overseas as far afield as Abu Dhabi and intense bidding saw many of the lots achieve a final sale price which far exceeded the recommended guide. Last week, Liverpool auction house Sutton Kersh raised £13m from its latest event.
Chris Johnson, auctioneer at Smith and Sons, said: “The current interest in property investment in this region is phenomenal – there is a huge appetite for quick property sales at good prices and in particular for property that is need of upgrading.”
Bidding was fierce, according to Mr Johnson, who reported a terraced property in Prenton achieving a final sale figure of £114,750 against a guide of £85-95,000. This was quickly followed by a two-bedroom house in Birkenhead that went for £65,000 against a guide of £45-55,000.
At the other end of the market, a former care home in Knowsley Road in Birkenhead sold for £429,000 against a guide of £350-400,000 while former garages on Mona Street in Birkenhead sold for £89,000 against a guide of £30-40,000.
The lot attracting the most interest was a semi detached house in Hillfield Drive, Heswall which needed a full programme of modernisation and sold for £200,000, £50,000 more than the guide.
Mr Johnson added: “I believe that the current stamp duty holiday is helping drive this level of interest however, people are more generally considering property as a safe place to invest producing high levels of income and a generous yield. The accessibility of the online platform is undoubtedly opening the room up to many new potential bidders.”