Edward Mellor reports buy-to-let interest

Auctioneer Edward Mellor raised £2.1m at its latest sale on Thursday 7 June at Lancashire County Cricket Ground.

The firm said attendance was strong and several guide prices were exceeded, particularly from residential buy-to-let investors.

A two-bedroom terraced house in Blackburn was guided at £35,000 but achieved £49,000. Another in Levenshulme had a guide price of £40,000 and achieved £57,000.

"The vendor of that house had been offered £48,000 before the auction and was seriously considering accepting," said Andy Thompson of Edward Mellor Auction, "But on my advice he took the brave decision to go ahead with the auction sale and I am delighted for him that we achieved £57,000 in the room."

On the day, 37 of the 67 lots offered were sold and six further have been sold since.

The biggest sale of the day was Lot 57, a portfolio of six tenanted apartments, which sold at more than its guide to close at £390,000, yielding its new owner 8.3% in rent.

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