Liverpool property firm Sutton Kersh sees 2023 auction sales come in just shy of £60m and slightly up on the £58m generated in 2022. Tony McDonough reports
Sutton Kersh saw receipts of more than £7m for its final property auction of 2023 taking its total sales for the year to just under £60m.
This was a slight improvement on the £58m of property sales generated in 2022. Cathy Holt, associate director at the Liverpool firm, said that over the course of the year buyers had become “super cautious”.
She explained: “It has been a year like no other. We have gone from properties selling quicker than we could list them through to a period of super cautious buyers, the latter due to the hikes in interest rates and changes in legislation.
“Nonetheless we have still seen a consistent demand for residential properties throughout all areas of Liverpool.”
In the December auction standout lots included a three bedroom mid-terraced house on Herondale Road in Allerton in south Liverpool. This was listed with a guide price of £150,000.
Following a full upgrade and scheme of refurbishment works, the property would be suitable for occupation, resale or investment purposes, which resulted in it selling for £30,000 above its guide price.
Cathy added: “We are still seeing strong supply and demand patterns for properties within Bootle, Norris Green, the city centre and south Liverpool and we expect this to continue in the New Year.
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“With the increase of interest rates earlier in the year the market has become a little stagnant of late.
“We hope 2024 brings a little more optimism and flexibility in the lending market and we expect that a gradual reduction in lending rates may in turn stimulate the market further.
Sutton Kersh Auctions’ first auction of 2024 will take place on February 15.