A residential property auction held in Belfast sold all its available lots for a total close to £3m in a matter of minutes.

The auction on Friday attracted more than 500 prospective purchasers interested in the 24 properties.

The lots on offer included apartments in Belfast, semi-detached homes in Newtownards and bungalows in Portstewart.

Trevor Dougan of estate agent BTW Cairns said the firm was pleased with the level of interest.

He said: “Each property sold for at least the reserve price.

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“Buyers recognise value and we are seeing more and more purchasers re-entering the property market to take advantage of the deals on offer — clearly people now recognise that property prices are at a level that represents significant value.

“Auctions provide an efficient buying process for the correct type of property, with the contract being signed within minutes of the hammer dropping and completion taking place only weeks after.

“We feel that the comprehensive marketing and carefully considered reserve price were key factors contributing to the success of the auction.”

A property website has already quoted the auction as the most successful in the country to date.