A RECENT property auction has boosted hopes for an upsurge in prices at the lower end of the market.

One Burnley house sold for two-and-a-half times its guide price while another almost doubled its estimate.

The homes were among a host sold at a property auction held by Pugh & Co this week.

The best-selling properties of the day included a vacant fire-damaged mid-terrace house in Harley Street, Padiham, which went for more than double the guide price of £10,000, selling for £26,000.

Another highlight included a vacant two bedroom terraced house on Sussex Street, Burnley which sold for £27,000 when the guide estimate was £18,000.

More than £5.8m in sales were generated at the auction at Manchester United Football Club which saw nearly 90 per cent of the residential lots sold.

Kate Lay, who heads Pugh’s residential property division, The Auction People, said that she has seen an upsurge in people buying and selling residential properties.

She said: “We are seeing more interest from investors and many people are turning to auction to buy and sell their properties. “The auction room saw a lot of competitive bidding which is reflected in the prices some of the lots sold for.

“There is real interest with the buying public to get a property at a fantastic deal.”

In total the auction offered 132 commercial and residential lots.