Over-ambitious reserves set by investors wanting to cash in on Liverpool’s rising prices resulted in The Venmore Partnership selling 75% of its 184 lot-catalogue last week.
A number of post-sales have since pushed the success rate up to 80% and auction proceeds up to £9.3m.
“We had a few blips because of what’s been happening in Liverpool,” said auctioneer Philip Cassidy. “People, unfortunately, get greedy and a few reserves were set too high.” He added: “Where people took our advice on guide price and reserve price, lots in general sold very well.”
“Many people are cashing in,” he explained. “I had one client, who, incidentally, was one of the first clients I had when I set up 10 years ago, put in 45 terraced houses. This client then witnessed house prices trebling and quadrupling.”
Cassidy believes that investors have been drawn into the area by house prices being low relative to other cities in the north of England.They have also, he believes, been lured to the city by the transformation of Liverpool into a “leisure city” and by its European City of Culture designation.
“There was a stigma attached to the city but Liverpool is not the same city anymore. Now it is vibrant,” he said. “Demand has increased and prices have been driven up. The houses that you could buy for £15,000 are now £40,000 or £50,000.”
