Smith summer auction hits £1.2m

The latest Smith & Sons summer auction at the Village Hotel in Bromborough has raised £1.2m across 16 lots, with the audience showing an appetite for refurbishment opportunities and good investment yields.

A range of two, three and four bedroom investment houses sold reflecting yields in excess of 10%. Smith & Sons said that this type of property remains popular with investors looking for a more efficient use of pension funds.

A four-bedroom detached house on Leasowe Road close to Wirral Coastal Park achieved a sale of £110,000, and a cottage-style bungalow in Budworth Road, Oxton sold for £130,000 for owner occupation.

Chris Johnson, auctioneer at Smith & Sons, said: "We were pleasantly surprised by the success rate achieved in the room. The period leading up to the auction sale had been quieter than normal due to the summer holidays but regular and new investors took advantage of some very realistic guide prices to purchase at good yields and with the potential for future capital growth."

Smith & Sons' next auction is to be held on 17 September 2014.

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