Bidding wars for properties as one attracts 120 bids

Property sales in Wirral have faced fierce competition from bidders this month – as many have gone much higher than expected.

Data released by Wirral property auctioneers Smith and Sons showed some properties fetched around double their guide price amid fierce competition from bidders. One building – a former MOT and tire center in Wallasey – attracted 120 bids.

It sold for £232,000, well above the expected £130,000. Wallasey has seen a sharp rise in property prices over the past few years as many home buyers look to buy in the area.

READ MORE:Wirral’s most desirable suburb where buyers are locked in bidding wars

In May 2021, Wallasey was named a UK property hotspot by Rightmove, with prices nearly £24,000 higher than a year earlier, a jump of 15.6%. In March and April 2021, one in three properties in the area sold within a week of listing on Rightmove.

Chris Johnson, auctioneer at Smith and Sons, commented: “We had some great lots, reasonably priced in good locations, and that inevitably generated a lot of interest. The market remains buoyant and these results show that interest in real estate is not weakening despite broader economic difficulties.

The whole of Wirral has seen an increase in price increases in 2021, with the average house price rising from £189,495 in 2017 to £215,654, according to Rightmove. This trend continues in 2022.

In total, Smith and Sons sold 75% of the May lots and raised over £2.3m.

Laura J. Boyer