PROPERTY group Venmore has raised more than £1.6m from its latest Liverpool auction.

The total – £1.667m – includes both those properties sold in the auction room and those sold before and after.

The event, at the Hilton Hotel, in Liverpool One, offered 47 properties with 10 lots sold before and after the auction.

Despite the current difficulties in raising bank finance, a number of the lots sold above their guide price.

Venmore chief executive Rob Farnham said: “We sold 55% of our lots this month – two of these included lots 2 and 41, which both sold for £13,000 over guide price.

“The real best seller of the day, a vacant three-bed detached property in the Woolton area, sold for £231,000 – £56,000 more than guide price.”

The Venmore auction came a week after rival Sutton Kersh’s latest event, which generated receipts of more than £2m.

Mr Farnham added: “There were a number of cash investors in the auction room who were fundamental in generating some competitive bidding.

“However, we would encourage would-be investors to talk to us about the changing nature of finance available. Representatives from Bridging Finance companies are confident that most lots offered can get funding.”

Following the Sutton Kersh auction at the Marriott Hotel, in the city centre, the firm’s auction manager, Cathy Holt, said: “After speaking to a number of investors in the room, it is clear funding is still a problem.”

She added that investors were seeking higher returns from properties and this was having an effect on sales at auction.

“Investors are looking for cheap properties with a minimum of 10% return on their investment.”

Venmore’s next auction will take place on September 14.