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.
“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.