Property auctioneer Smith and Sons has generated almost £2m in sales at its latest Wirral property auction, held at the Village Hotel in Bromborough, 17 out of 23 lots were sold. A number of lots far exceeded the guide price with several parties bidding for their target property.
These included Gleggside in West Kirby which realised a sale price of £206,000 against a guide of £150-170,000, while large properties in Birkenhead and Wallasey sold in excess of 20% above the guide.
A private student landlord secured a strong deal for a large house on Colquitt Street in Liverpool’s Georgian Quarter which will be added to his growing portfolio.
Chris Johnson, Smith and Sons auctioneer, said: “We hadn’t anticipated this level of interest for this sale but this proved to be quite the opposite on the day. As well as completing sales on a number of lots beforehand, we saw a really broad mix of people join us and secure a property.
“A number of first time auction visitors were exploring opportunities to buy an investment whilst seasoned investors were there to strengthen and add to existing portfolios.
“The demand for HMOs continues to increase with savvy investors keen to secure well priced properties that can be converted and let to multiple tenants, creating a strong return on investment.”