Mersey property auctions raise more than £9m

Latest property auctions from Sutton Kersh in Liverpool and Smith and Sons in Wirral raise more than £9m. Tony McDonough reports

Two property auctions in Liverpool and Wirral have generated combined sales in excess of £9m.

Sutton Kersh in Liverpool saw sales of just under £7m at its latest event while Smith and Sons in Wirral generated receipts of £2.3m. Both reported “bidding wars” for residential investment properties.

According to Sutton Kersh associate director Cathy Holt, her team achieved a total of more than £400,000 above reserve price for their lots with investors competing to secures purchase.

“Many buyers of vacant residential properties will carry out the works required on them, to then either rent out or sell on,” she said.

“Many of the lots offered had attractive potential rental incomes which is a great source of income for many people these days, hence the attraction in property investments.”

Smith and Sons also saw “aggressive bidding” for some smaller investment properties. Around 60% of the lots on offer were sold at the online sale with a focus on smaller properties offering strong investment returns.

A largely Wirral-based catalogue included a broad mix of properties ranging from apartments, terraced and semi-detached homes, land and commercial investments.

Smith and Sons auctioneer Chris Johnson said the majority of lots realised a figure close to the recommended guide. This, he added, reinforced the notion that auction is a sensible and viable route to buying and selling sensibly priced property.

He explained: “The auction route can often act as a sound barometer for the wider property market and gives a good insight into what’s taking place on a national level.

“The cost for an average house has hit an all-time high and buyers are willing to pay top prices for bricks and mortar.”

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