MORE than £10.4 million worth of property was sold at Liverpool based property auction house Sutton Kersh’s first auction of the year. The team had over with 700 bidders registered for the event from across the country, which was their highest number since taking their auctions online in 2020.
The team sold just over £3.1 million worth of property prior to auction and a further £7.3 million on the day.
The first Lot of the day was a four-bed detached home in Southport. It had a guide price of £185,000 and the property needs a full upgrade throughout. A strong bidding war took place and ultimately resulted in it selling for £104,000 over guide price.
Lot 2, another residential property in need of refurbishment, had a guide of £75,000 and sold for £119,000. Lot 6, a three-bed mid-terrace in the L4 area of Liverpool by Stanley Park, had a guide of £70,000 and has a potential rental income of £7,800 a year. It sold for £101,000 which is close to what an estate agent on the open market would sell this for.
This trend continued throughout the auction with residential and terraced properties in need of modernisation and refurbishment selling for over their guide prices. Lot 7 was in the L8 area of Liverpool, which over the last 2 years has become a very popular area with investors and developers. It was listed at a bargain price of £40,000 and sold for £74,000 on the day.
Birch House is a four-bed detached house in Lower Withington, Cheshire set within two acres of land. It was listed with a guide of £450,000 and this property too needed refurbishment and modernisation. It attracted bidders from across the country and after another bidding war it sold for £683,000.
Cathy Holt, Associate Director of Sutton Kersh Auctions, said: “The demand for properties was as strong as it was last year, especially for residential and investment properties. We are delighted with how well today went, selling 80 properties which is over 80% of Lots available.”
A commercial/mixed-use property on Ormskirk Street in St. Helens comprising of two ground floor retail units and ancillary accommodation to the first and second floors, it sold for £308,000 which was £108,000 over the guide price. There was a high number of bidders again on a national reach for this Lot.
A lot of homes are coming to market that need refurbishment or modernisation, so much so that over 50 Lots were residential investment opportunities in this auction. The demand for these types of property is still so high as, for many, it is more cost effective than buying a house that is move-in-ready.
