A SCARCITY of bank funding continues to hamper property auction investors in Liverpool, according to leading auction house Sutton Kersh.

The firm held its latest Liverpool auction at the Marriott Hotel, in the city centre, last week, selling 42 out of 73 lots and generating receipts of just over £2m.

Auction manager Cathy Holt admitted it “wasn't our best auction of the year” and said investors had told her that bank finance continued to be difficult to obtain.

She told LDP Business: “After speaking to a number of investors in the room, it is clear that funding is still a major problem.

“While they recognise that there are a lot of good deals available in the current marketplace, they do not have finance readily available to be able to buy.

“Investors are looking for cheap properties with a minimum of a 10% return, and in some cases more.”

Residential investment properties proved to be particularly popular, accounting for more than 62% of the sales.

Among the best-selling lots of the day was a vacant three-bedroom house in Fazakerley which sold for £12,000 above guide price.

Ms Holt added: “We can’t feel too disheartened by the sale.

“We have sold over 200 properties across four auctions so far this year, raising in excess of £12.5m, which is no mean achievement in what continues to be a tricky marketplace.”

The event was filmed by BBC TV’s Homes Under the Hammer, and Sutton Kersh also donated £50 to Marie Curie Cancer Care for each lot sold in the room.

More than £1,000 was raised for the charity’s Blooming Great Tea Party campaign.

THE Sutton Kersh and Thomson & Moulton Property Group have two new appointments within their property and block management department.

Chartered surveyor Mr Lawton joins the firm from 2020 Liverpool.