£1.3m raised at Smith and Sons successful December auction

The Smith and Sons last auction of 2014 has secured sales in excess of £1.3million with 70% of lots sold.

From an initial 24 lots offered, 17 were sold, with 100% sales success rate for houses in need of repair.

A packed room saw some lively bidding resulting in sales well in excess of several guide prices. The most popular properties included those in need of refurbishment with investors and builders looking for a project either to refurbish and sell or rent.

A three bedroomed house in Well Lane, Tranmere, sold for £72,000 against an initial guide of £45,000-£50,000, with refurbishment projects in Birkenhead and Wallasey also proving popular.

A three bedroomed bungalow in Irby also attracted strong interest. This refurbishment project sold for £171,000 against a guide of £150,000 offering the potential to create a good family home in a semi-rural position. A residential investment in The Woodlands sold for £123,000 producing a yield of 17% on the rental income.

Auctioneer Chris Johnson said: “This was a really busy auction that was well attended by both local investors and those from outside the area. With the market undoubtedly picking up, it is properties that can be developed and improved that command the most interest and the most competitive bidding.”

Other interesting properties included a disused bakery in Wallasey which was bought as a project to refurbish for residential use and workshops and offices in Grange Road West having been marketed for some time by private treaty, successfully sold through the auction route for £80,000. A property on School Lane in New Ferry comprising a pair of semidetached houses with substantial pool room and gymnasium sold for £162,000 against a guide of £115,000-£130,000.

Chris added: “We were delighted with the interest shown during the marketing period culminating in a strong sale with many pleasing results. We are convinced that sale by auction remains the best option for many types of property, particularly investments and vacant residential and commercial property.”

The next Smith and Sons sale is to be held on 25 February 2015 with a closing date for entries of 23 January. For further details or to arrange an appointment please contact Annette Shelley on 0151 647 9272 or email aas@smithandsons.net.

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