Property sales in Wirral have met with fierce competition from bidders this month – as many went for considerably more than expected.
Data released by Wirral property auctioneers Smith and Sons showed some properties went for around double their guide price in fierce competition from bidders. One building – a former MOT and tyre centre in Wallasey – attracted 120 bids.
It sold for £232k, much more than the expected £130k. Wallasey has seen a steep price increase in its properties over the past few years as many home buyers seek to purchase in the area.
READ MORE: Wirral's most sought after suburbs where buyers are locked in bidding wars
In May 2021 Wallasey was named as a UK property hotspot by Rightmove, with prices almost £24k higher than the previous year – a jump of 15.6%. In March and April of 2021 one in three properties in the area sold within a week of being marketed on Rightmove.
Chris Johnson, auctioneer at Smith and Sons, commented: “We had some great lots, sensibly priced in good locations, and that has inevitably attracted a lot of interest. The market remains buoyant and these results show that interest in property is in no way waning despite wider economic difficulties.”
The whole of Wirral saw an increase in price rises in 2021 as the average house price rose from £189,495 in 2017 to £215,654, according to Rightmove. This trend has continued for 2022.
In total Smith and Sons sold 75% of the May lots and raised over £2.3m.
