Venmore auction raises £1.4m

The Liverpool-based auctioneers said it sold 55% of the 47 lots available at its last sale at the Hilton Hotel in Liverpool One.

Venmore said its fourth auction of the year originally had 56 lots available but 11 were either postponed or withdrawn.

The auction generated sales of over £1,450,000 and Venmore said more deals are expected to complete over the coming week.

Venmore said there were many properties selling over guide prices.

Rob Farnham, chief executive of Venmore, said: "The real best seller of the day was Lot 30 – a vacant three bedroomed detached property in the Woolton area of Liverpool. With a guide price of £175,000, the property in need of modernisation, sold for £231,000 – £56,000 more than guide price.

"There were a number of cash investors in the auction room who were fundamental in generating some competitive bidding, however we would encourage would be investors to talk to us about the changing nature of finance available. Representatives from Bridging Finance companies are confident that most lots offered can get funding. We will continue to work with our customers in offering them a varied selection of properties to suit everyone's situation."

The auction was held on 20 July and was being filmed by Homes under the Hammer for the third time this year.

Venmore will be holding its next auction on Wednesday 14 September 2011 at 1pm at the same venue.