Unprecedented Year Sees Homes in Liverpool Selling for Thousands Above Asking Price

“Despite a slowdown in sales, residential properties in Liverpool continue to fetch tens of thousands above their guide prices, maintaining a consistent demand, as observed by Cathy Holt, Associate Director at Sutton Kersh.

Sutton Kersh concluded its final auction of the year on December 7, with over £7,000,000 worth of properties successfully sold. In total, the Liverpool-based auction house has facilitated the sale of more than 500 properties throughout the year, amounting to nearly £60,000,000 across their seven auctions.

Reflecting on the unique challenges of the year, Cathy Holt remarked, "It has been a year like no other. We have experienced properties selling rapidly, followed by a phase of cautious buyers, attributed to increased interest rates and legislative changes. Nevertheless, we have consistently observed a demand for residential properties across all areas of Liverpool."

One notable example highlighted by Sutton Kersh is a property in Beaconsfield Street, Liverpool L8, initially listed with a guide price of £65,000 but eventually selling for an impressive £122,000 – a substantial 88% above the guide price. The three-storey dormer-style terrace house boasts double glazing and central heating.

Another noteworthy sale involves 39 Garmoyle Road in Wavertree L15, a property with a guide price of £175,000. Following a spirited bidding war, it ultimately sold for £230,000. This six-bedroom end-of-terrace property requires some investment but holds great potential for occupancy or rental.

In Woolton, a desirable area of Liverpool, a property on North Linkside Road sold for £51,000 above its guide price of £150,000. The three-bedroom semi-detached house features double glazing, a front garden with a driveway, and a spacious rear garden.

Cathy Holt concluded by stating, "We continue to witness robust supply and demand dynamics in Bootle, Norris Green, the City Centre, and South Liverpool, and we anticipate this trend to persist into the new year. While the market has experienced a recent stagnation due to increased interest rates earlier in the year, we hope for a more optimistic and flexible lending market in 2024. A gradual reduction in lending rates may, in turn, stimulate further activity in the market."