A Victorian property divided in to nine flats in Aigburth, Liverpool has been sold by Auction House in Manchester for more than double the amount it was expected to fetch.

Buyers were unable to access the property in Ivanhoe Road, ahead of the sale, yet it still attracted fierce competition, starting with a guide price of £175,000 and selling for £402,000. Before the sale the best offer achieved through an estate agent was £325,000.

Director of the award winning brand Auction House, in Lancashire and Manchester, Oliver Adams said, “Demand for Buy to Let properties at auction is currently unprecedented in both areas we cover. The property in Ivanhoe Road represents a huge gamble for buyers as it was impossible to assess the condition of the building inside and evaluate how many flats were tenanted before the auction. But the potential for a great investment is there and plenty of people were willing to take the risk.”

The two day sale for Auction House raised more than £3.6m. On Thursday 22 August, at Manchester’s Etihad Stadium, sales fetched over £2.4m (£2,462,500) where 27 lots were sold out of 36 (75%).

The success of Buy to Let sales in Manchester on Thursday echoed the scene in Preston the day before. On Wednesday 21 August, 22 out 32 lots sold (69%) totalling £1.2 (£1,209,800).

Oliver Adams added, “The current demand for investment properties is astonishing. All Buy to Lets on offer in both auction rooms fetched impressive prices. But for people buying they are still paying less at auction than they would through an estate agent so everyone involved is a winner.”

In Blackpool, four terrace houses divided into two flats sold for well above their guide prices and in Herbert Street, Oldham, even a property split into two flats without planning permission started with a guide price of £53,000 and sold for £66,500. Clearly the fact that any new owner might have to apply for retrospective planning permission was not a deterrent on this house.

Oliver Adams noted, “There was also plenty of choice for owner occupiers buying a property as their home. In The Avenue, Penwortham, Lancashire, a two bedroom bungalow needing total renovation started with a guide price of £100,000 and sold for £128,000.

“For sellers, auctions are achieving their best prices in five years, and even though prices have risen, for buyers they are offering the best investments. And for those looking for a home it’s the certainty that a sale will complete with no further complications that is most attractive.”