Investors cautious at latest Sutton Kersh sale

Sutton Kersh raised £3m at its recent property auction at the Marriott Hotel in Queen Square, Liverpool, with sales percentage down but values up.

However, the agency said sales were difficult to come by in the room and the majority of deals were completed before and after the auction.

Higher valued stock sold particularly well. A mixed-use development site of three terraced houses and two shops on the corner of Hants Lane and Green Lane in Ormskirk sold slightly above the guide price at £280,000.

A cleared residential plot of land at 44-50 Sandy Lane in Old Swan was the best performing lot of the day. Guided at £45,000-plus it sold for £106,000.

James Kersh, director at Sutton Kersh, said: "The auction result wasn't as we had expected. Whilst percentage sales were down, the total revenue from the sale was on par with our recent sales, so we aren't too disappointed. Surprisingly we sold a lot of higher valued stock. The investors were in attendance; it was just that many of them chose to sit on their hands. Whether this was due to a lack of finance or uncertainty over where the market is heading with public spending cuts on the horizon I am not sure. The revenue from the sale was good so we must remain positive."

So far this year Sutton Kersh has generated over £14.5m at auction, selling 189 properties. The local auction house has two sales remaining this year; 27 October and 8 December and is now accepting instructions.