Strong auction sales raise prospects for healthy market

Oct 24 2007 by Tony McDonough, Liverpool Daily Post

A PROPERTY auction held in Liverpool last week has raised prospects for a much healthier market in Liverpool’s Capital of Culture year.

Held at the David Lloyd leisure centre in Speke, the auction staged by North West agents Sutton Kersh, raised nearly £6m in receipts and achieved more than 72% sold of the 85 lots available.

Many of the lots sold greatly surpassed their reserve price. One property in Prescot Road, Fairfield - a mixed-use investment comprising two three-storey mid terraces arranged as ground floor shops together with living accommodation above - sold for almost double its reserve price of £80,000.

“With the recent downturn in the market affecting auction houses nationwide I was delighted and pleasantly surprised at the level of activity in the room,” said director James Kersh.

“The auction was dominated by a combination of sensible vendors propping up the sale and experienced professional investors from all over the UK & Ireland paying good prices for quality stock.

“Bearing in mind auctions generally are a good barometer of the market for the ensuing six months, today’s result could well be a sign of things to come. It’s also encouraging that the local market does not appear to be affected by general market trends in the UK economy.”