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Interest cut may boost auction
Nov 19 2008 by Tony McDonough, Liverpool Daily Post
SUTTON Kersh holds its final Liverpool property auction of the year on December 4 when 68 lots will go under the hammer.
The firm is hoping to end 2008 on a high. So far this year, its events have seen 318 properties sold, raising more than £26m.
The next auction, at the Marriott Hotel in Liverpool city centre, comprises a mix of residential, buy-to-let, commercial and mixed-use investment opportunities.
After a tough year in the property market, James Kersh, director of Sutton Kersh Auctions, is hoping that the recent 1.5% cut in interest rates will lure some investors back in to the market.
He said: “Property is still a very attractive investment with excellent potential for long-term capital gains.
“The consecutive monthly price falls over the last 12 months is the short-term. There is still money to be made if a long-term view is adopted.
“Saving in banks has become less appealing due to the uncertainty that surrounds the industry and the recent slashing of interest rates. Prices have come down by about 25-30% on average at auction, and there are some great deals to be had.”
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