Liverpool property firm Sutton Kersh sells £7.2m of property at its latest auction with rising interest rates not deterring bidders. Tony McDonough reports
Sutton Kersh sold £7.2m of property at its latest Liverpool auction – with more than £2.9m raised prior to the event.
Despite the rise in interest rates Kersh reports strong interest in Liverpool properties. Around 25% of the lots sold before the auction which took place online earlier this week.
And it wasn’t just lots in Liverpool that proved popular. A detached three-bed property in Northwich in Cheshire, generated a national interest and, after a lengthy bidding war, sold for £59,000 above its guide price.
Cathy Holt, associate director at Sutton Kersh Auctions, said: “With the rise in interest rates last month and people’s perception of the property market we weren’t sure how the buyers would respond.
“But we have been pleasantly surprised with the interest received on lots, both pre-auction and on the day, resulting in a high percentage of sales.
“It reinforces what we have always believed – that if the property is priced right we will more than likely find a buyer for it.”
Lot 7, a three-bed maisonette flat in South Liverpool, which had a guide of just £37,000, sold for £51,000. And a house in Richard Kelly Drive in Walton sold for £120,000. This was £25,000 above its guide price.
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Lot 10 in L8 was a three-bed terraced property already let by way of a Regulated Tenancy producing £4,800 per year. It was listed for £50,000 and sold for £71,500.
Lot 37 on Shelley Street in Bootle sold for £78,000, which was £18,000 over its guide price and has a potential rental income of approximately £6,660 per year.
“There is still a very high demand for three-bed properties which are suitable for residential occupation within Merseyside and Cheshire, as it is more often than not a more affordable way to get on the property ladder,” added Cathy.
Sutton Kersh’s next auction will take place on Thursday, May 25.