450 people registered for the Sutton Kersh October auction, which has seen a total of £8.2 million worth of property sold so far. The auction echoed the trends of the national property market with residential investment properties receiving multiple offers and bids both prior to the event and on the day itself.
The team sold £1.4 million worth of property prior and offered 80 lots at the auction on the day.
The auction got off to a sensational start with Lot 1, a three-storey detached former church building in Bolton, which has been converted to provide 16 self-contained flats, together with a manager’s office, ancillary staff facilities and communal areas. The original church building dates back to the 19th Century. An intense bidding war took place on this, which lasted over 18 minutes and resulted in the property selling for £333,000 over its guide price.
Lot 5 also gained great interest as vacant land is currently in high demand. This particular plot of land is at the junction of Warbreck Moor and Hall Lane in L9 and had a guide price of £100,000 but sold for £181,000.
There were 8 Lots that had a guide price of under £40,000 and all sold for over their guide. Lot 38 received a lot of interest and with a high number of bidders eager to get this property it ended up selling for £63,000 over its guide price. It was a three- bed mid-terraced property in Bootle, L20. The other 7 properties were a mixture of apartments and mid-terraced homes. Another property in Bootle also had strong interest; a three-bed double-fronted detached house on Breeze Hill in L20, in need of a full upgrade and refurbishment, which had a guide of £90,000 and sold for £134,000.
Lot 25, a three-bed mid-terraced property in need of full renovation on Rice Lane in L9, sold for £87,000 which was £37,000 over its guide price. Another mid terraced property which caused a stir was on Rydal Street in L5; it had a guide of £55,000 and sold for £86,500.
Cathy Holt Associate Director comments ‘I am delighted with today’s results for our vendors, we achieved over £880,000 in total above reserve for our clients. The property market is still buoyant and an attractive investment for many. Auction Lots in areas where properties have a high yield once again performed really well at auction and are still proving popular with investors and owner occupiers.’
Sutton Kersh’s final auction of the year will be taking place on 9th December, for further information please email email@example.com