Auction houses rack up millions in sales
MERSEYSIDE auction house Pugh & Co is celebrating sale value of £10.8m at its sale auctions held at Manchester City’s Etihad Stadium and Leeds United FC’s Elland Road base this month.
The auctions also achieved a sale rate of just below 80% for lots sold, with 17% selling prior to auction. Some 74% were commercial properties and 57% were residential.
Pugh & Co managing director and auctioneer of the Leeds and Manchester events said: “It was very positive to see strong demand across all sectors of the property market from the rostrum.
“High levels of interest from northern investors are being supported by national investors seeking better returns on their capital and we are seeing this being reflected in prices in the auction room.”
Pugh & Co.’s Manchester and Leeds auctions saw 800 bidders across the two days sign up in the room to bid in the auctions.
Lots that were sold at Pugh & Co’s September auctions included a number of former banks, a large portfolio of land offered by Tameside Council as well as some great investment residential properties snapped up by bidders in the room.
Pugh & Co.’s next auctions will be held in Leeds on October 20 and Manchester on the October 23.
Meanwhile, Sutton Kersh’s September auction saw a record turnout, with more than 200 people attending, and more 70% of the lots sold with sales of £4.5m.
Held at the Crowne Plaza, the auction included some properties selling for double the recommended guide price.
The auction included a mix of residential and commercial property and there was strong bidding across both sectors, which, according to Sutton Kersh, points to a robustly performing property market.
Cathy Holt, head of auctions at Sutton Kersh, said: “We’ve seen consistent high attendance at property auctions this year and have now sold 347 properties to date in 2015, generating proceeds for our clients of over £21.5m.
The residential sector has seen strong levels of interest and investment, with a number of the lots on offer during auction sold well above the recommended guide price or even sold before the auction has taken place.”
