As with so many other aspects of daily life, property auctions have changed, maybe forever.
But Liverpool property firm, Sutton Kersh has initiated live-streams and its latest auction was open to more than 600 bidders across the country and exceeded its first online event by a whopping £2m.
The company raised £7m with its first online property auction, held in May but this time went 2m better.
Similar to the event in May, Sutton Kersh’s sale in July was live-streamed to people across the UK and there were 88 properties were sold with more than 640 bidders registered.
Prior to the day of the auction, the property team sold 25% of properties with a total value of £3.5m. While this year, through four auctions, the firm has sold a total of 296 properties with a value of over £28.5m.
Cathy Holt, associate director of auctions at the firm, said: “The bidding was strong from the start with the first three lots selling over £30,000 each on their guide prices. We are delighted to have sold 80% of properties so far with more offers being made as we speak. It is a good time to invest in property right now and we have noticed a definite peak in interest of residential properties. Residential dwellings across the country were more popular than ever in this auction, which could have something to do with the low interest rates and the recent changes to stamp duty. The recent introduction of these schemes by the Government makes investing in property a lot more attractive to many.”
Rightmove, who operate the largest property website in the UK, recently carried out a study which revealed that three-bedroom homes have become the most sought after property type.
At Sutton Kersch’s auction a three-bedroom property in the Waterloo area, sold for £34,000 over its guide price. 78% of their three-bedroom properties have been sold subject to contract.
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