WIRRAL-BASED Smith and Sons has announced a 79% success rate at its latest property auction, generating receipts of £1.2m.

The Birkenhead firm said this represented a “considerable improvement” on recent sales figures and signified “cautious growth”.

In total, 24 lots were available on the day (with four withdrawn prior) at the Village Hotel, in Bromborough, which saw an improved attendance and some “lively bidding”. Modest houses in need of repair, particularly in good locations, proved to be popular, with two achieving almost double the guide price.

Properties left in probate were also particularly sought after by auction bidders.

Investors and developers were keen to bid on properties suitable for rent, offering good yields and return, whilst potential owner occupiers also made up a good percentage of the room.

With bank lending an ongoing challenge, there were signs to suggest an increase in new products being offered to potential purchases, including buy-to-let mortgages. Auctioneer Chris Johnson said: “This auction definitely represents an improvement on others this year, however, we still have a way to go before this market heads clearly towards a recovery.

“While availability of support via banks is still a challenge, auction houses and the wider market must market their properties at realistic and obtainable prices.

“At auction, buyers are definitely looking for a certain type of property and it is up to us to recognise this and to recommend reasonable and manageable prices.”