Latest Sutton Kersh Liverpool property auction saw investors bid well above guide prices for many residential properties in Liverpool, taking total sales for the year to £47m. Tony McDonough reports
Investors are continuing to spend in Liverpool’s residential property market with the latest Sutton Kersh auction generating more than £9m – taking the total for the year to £47m.
Kersh says many of the lots were sold well in excess of their guide prices. The firm sold 40 of the lots prior to the auction on October 22, totalling just over £4.2m. A further £5m of sales was made on the day.
The virtual auction attracted more than 350 registered bidders and was, similar to previous online auctions during the COVID-19 pandemic, hundreds of people from across the UK logged in to watch.
Bidding was strong from the start with Lot 1, a two-bed mid terrace in Widnes, selling for £34,000 over the guide price of £45,000. Other two and three-bed terraced properties that drew a lot of attention were Lot 26, located on Muriel Street in Walton, which was in need of a full upgrade. It saw 22 people register to bid and was sold for £41,000 over the guide price.
Another investment property in Liverpool, a mixed use three storey development in Smithdown Road, sold for £35,000 over the guide price. And Lot 131 in Liverpool also had multiple bidders locked in a “ferocious” bidding war, which resulted in it selling for just under £100,000 on a guide price of £65,000.
The auction also included properties outside of Liverpool, including an apartment in London which sold for £260,000 and a cottage in Connah’s Quay which was bought for just under £100,000.
Cathy Holt, associate director at Sutton Kersh, said: “Our results show that residential properties which are suitable for investment purposes are highly desired and vendors are receiving above their asking price as a result of this increase in demand.
“I am also delighted that through this pandemic we have still produced such high results and yesterday’s auction brings our total value of sales so far this year to over £47m and 464 Lots sold.”
Sutton Kersh will be holding its last auction of 2020 on December 10 and is currently taking instructions for the event.