Sutton Kersh raises more than £7.5m at its latest Liverpool property auction taking the total for the year so far past £50m. Tony McDonough reports
Liverpool property firm Sutton Kersh has now generated more than £50m from auction sales in 2023 after raising more than £7.5m at its penultimate event of the year.
Following the latest auction the firm has now sold more than 430 properties already this year with another sale to come in December.
Kersh reports a “huge shift” away from the fast pace of sales a year ago. It adds houses were selling as soon as they were listed and vendors were receiving multiple offers. Now vendors are “much more nervous” about going to market with their property.
Associate director at Sutton Kersh Auctions Cathy Holt said: “The interest in the market is certainly still there but there is without a doubt a lot more caution, especially around pricing with increased focus on perceived value and return on investment.
“There is also an issue around financing which is frustrating buyers and putting them off, as the process itself is taking twice as long as it should do with more stipulations now in place.
“With that being said, certain types of properties, like vacant residential properties in rental or desirable residential areas, are still in extremely high demand.”
In the auction, Beaconsfield Street in Liverpool 8 had a guide of £65,000 but ended up selling for £122,000 – 88% above the guide price.
Other highlights from the auction included a house in Garmoyle Road in Wavertree which had a guide price of £175,000 and, after an intense bidding war, sold for £230,000.
A residential home in the upmarket Woolton area of Liverpool, on North Linkside Road, sold for £51,000 over its guide price of £150,000. Sutton Kersh’s next auction will take place on December 7.