Commercial Property Auction Success
Monday April 14th 2008
A north-west property auction has drawn high prices and robust demand, leading to claims that the commercial and residential property markets are not in the dire straits associated with the credit crunch.
Property auctioneers Sutton Kersh raised a total of £6 million from their recent second auction, selling some 70 per cent of available lots and drawing competitive prices.
Bridging loans are often used for purchasing a property at auction, but all forms of financing have come under scrutiny as banks have started to tighten their lending criteria of late.
James Kersh, director at Sutton Kersh, said: "The result of the auction is near to a miracle if we are to believe the headlines that have been hitting the press.
"All we have heard is doom and gloom about the property market over the last few months. Our first two auctions of 2008 have been well received."
One of the local properties performing well at auction was the English Presbyterian Church in Bootle, which more than tripled its guide price by fetching some £88,000.