Sutton Kersh auction ‘best since 2009’
Auctioneer Sutton Kersh reported £4.3m of sales at its first auction of 2012.
There were 62 lots sold out of the catalogue of 89 properties. Sutton Kersh said this was the best auction result in Merseyside since September 2009.
The best selling lot of the day was also the final lot, 38 Bentley Road in Croxteth, which had a guide price of £125,000+ and sold for £173,000. The residential investment has been converted to provide six self-contained flats and currently produces an annual rental income of £20,160 providing the new owner with an 11% yield.
One brave vendor set a nil reserve for his vacant residential property on Wykeham Street, which in theory authourised the auction house to sell the property for as a little as a penny should that have been the highest bid. The auctioneer took guidance from the room on where to start the bidding for the two-bedroom terrace property in Kirkdale, which has severe structural defects. Bidding started at £5,000 and the gavel was eventually brought down at £21,500.
Cathy Holt, auction manager at Sutton Kersh, said: "We are delighted with the auction result. It was the busiest room I have ever experienced and the atmosphere was buzzing. Even properties that didn't sell attracted numerous under bidders which is promising and I am confident more deals will complete in the aftermath."
Sutton Kersh's next auction is on 3 April.