Sutton Kersh auction raises £5m

Sutton Kersh has generated proceeds of more than £4.7m at its latest Merseyside property auction, which had 99 lots on offer.

Sutton Kersh said it had sold 390 lots in the year to date, with overall proceeds exceeding £27m.

Among the highlights of the September auction was a residential investment in the Sefton Park area of Liverpool. The three-bedroom double-fronted semi-detached property on Livingston Drive sold for £173,000, from a guide price of £150,000.

A vacant three-storey semi-detached property in the Fairfield area of Liverpool, converted to provide six flats, sold for £165,000.

A two-storey commercial property on Freeman Street in Birkenhead which includes an advertising hoarding and an adjacent parcel of land sold for £100,000.

Cathy Holt, auction manager at Sutton Kersh, said: "It was good to be back in the auction room after the summer break and it was encouraging to see investors turning out in large numbers.

"However buyers were slightly more cautious and risk averse, which meant there wasn't the frenetic bidding we have seen in recent sales. This suggests there is still some lack of confidence in the economy, coupled with the possibility of interest rate rises in the medium term. It is important for vendors to understand this when considering reserve prices."

Sutton Kersh is now inviting instructions for its next sale which takes place on 30 October. The catalogue closes on 3 October.