Longsight Bank(r2)

Banks prove popular at Pugh auction

Auctioneer Pugh has reported “strong results” at its first property auctions of 2019 in Manchester and Leeds, with more than £14m of sales and 73% of the listed properties sold.

Pugh’s February auctions included the Victorian, grade two-listed Everton water tower in Liverpool, which sold for £70,000 on nil reserve, and the former police station at Poulton-le-Fylde near Blackpool, which went for £400,000, four times its guide price.

Managing director Paul Thompson said: “Despite the continuing uncertainty in the wider property market we were really pleased to see such strong demand for the lots going under the hammer in our packed February auction rooms.

“There were some particularly outstanding results for our local authority clients. We also had a record number of former banks in our catalogue and we achieved a 100% success rate with these properties.”

With banks continuing to slim down their estates, there were 13 former bank properties included in February’s auctions – one, a three-story 2,500 sq ft property on Stockport Road in Longsight, Manchester, sold for £250,000 above the guide price, at £650,000.

Pugh also launched an online auction capability last month, achieving a 100% success rate at its first sale. “It’s an additional disposal method for clients. The idea is to offer flexibility for clients whose schedules don’t suit the room auction or who need a bespoke solution, and it is proving popular,” Thompson said.

The firm’s next online auction, which closes on 14 March, features two parcels of land being auctioned on behalf of Homes England, although neither is in the North West.

Established 26 years ago, Pugh is the largest auction house outside London and was acquired by property consultant Eddisons in 2016. The firm’s next property auction will take place at the AJ Bell Stadium on 9 April.

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