Auctioneer brushes of Brexit fears to hit £7m in sales
MERSEYSIDE property auctioneer Sutton Kersh has seen £7m of sales at its November auction with more than 75% of its lots sold.
Following the Brexit vote and uncertainty in the market, the company braced for a challenging time at its Liverpool auction, but sales hit record levels.
Cathy Holt, associate director at Sutton Kersh, said: “We were expecting that political uncertainty might impact on property sales in the latter part of the year, but instead it has been the reverse of that and this appears to reflect national trends, with a steadying of house sales and mortgage lending, according to the Royal Institute of Chartered Surveyors.
“The housing supply both here and nationally remains at a record low that combined with low interest rates is supporting buoyancy in the property market despite issues such as Brexit.”
She added: “From an investor perspective, even with the stamp duty on second properties, buy to let still represents a good investment with a predicted increase in rental incomes of 19% by 2021 and a similar predicted rise in house prices.”
There was fierce bidding throughout the auction but lot 12, Christleton Close, stole the show. The property’s guide price was marked at £25,000 however eventually sold for £70,000 – a massive 180% increase.
Other stand out properties included 14 Fitzgerald Street, a three-bedroomed middle terrace, which sold for £62,000 and 12 Croxteth Drive, a three-storey semi-detached property, which sold for £198,000. Both properties sold for over the original guide prices.
Other strong performers included lot 37, a three-storey, plus basement, Victorian property on Sefton Drive which sold for £56,000 over the £200,000 guide price. The property has been converted into three self-contained flats and boasts a driveway, garage and rear garden.
Sutton Kersh is now inviting entries for their next auction, which takes place on December 15, at the Crowne Plaza. The closing date for entries is the November 18.
