Despite the rise in interest rates Sutton Kersh Auctions is still reporting strong demand after its latest Liverpool property auction saw receipts of £8.2m. Tony McDonough reports
Rising interest rates are not deterring property investors according to Sutton Kersh Auctions which has raised £8.2m from its latest Liverpool auction.
Sutton Kersh offered more than 100 lots at its May auction with 35% selling prior to the event, generating £3.9m, and 82% in total. The overall sales figure was down on its April auction which raised £9.3m.
A mix of vacant residential, investment and development lots were on offer as well as land and commercial properties. Lot 7 in Old Swan was a two-bedroom mid-terraced property in need of a full refurbishment. It had a guide price of £70,000 and sold for £98,500.
A one-bedroom flat in Tuebrook had a guide of £15,000 which then went on to sell for £25,000. Lot 71 on Townsend Avenue in the L11 area of Liverpool, also received a significantly high level of registered bidders. A strong bidding war for the three-bedroom middle town house saw it go for £46,000 over its £85,000 guide price.
Lot 73 on Bagot Street in Wavertree had a guide price of £65,000 and went on to sell for £125,000. This was again a three-bedroom mid terraced property. Lot 45, a ground floor commercial premises in Utting Avenue, sold for its guide price of £50,000.
Cathy Holt, associate director of Sutton Kersh Auctions, said: “Buyers are still keen to invest in the right properties or land and there was a high demand for vacant residential properties in this auction, with many of them selling for a considerable amount over guide price.”
Away from Merseyside, a plot of Land at Long Causeway in Sheffield had a guide price of £17,500 and went on to sell for £41,000. And a three-bedroom end-terrace property in St Ives in Cornwall sold for £372,000, which was £122,000 over its guide of £250,000.
Sutton Kersh’s next auction will take place on July 14.