Birmingham’s biggest property auction house is anticipating widespread interest in its July sale at Warwickshire County Cricket ground today with 95 lots to be sold on the day.
Hundreds of bargain hunters are expected to be out as the Midland-wide revival in the residential property market continues to be expressed through auctions rather than private sales.
In the May sales chartered surveyors and auctioneers Bigwood realised £5 million from the sale of residential and commercial properties in Birmingham and the Black Country.
The firm achieved a 70 per cent conversion rate with many properties far exceeding the guide price laid down by the firm.
Bigwood director Jonathan Hackett said: “We have a substantial number of investment properties with regulated tenancies on offer from Birmingham, Derby, Nottingham, Malvern, Burton-on-Trent, Stoke-on-Trent and Walsall.
“The guide prices tend to average between £50,000 and £70,000 on these regulated tenancies, which are mainly terraced houses offering steady yields up to five per cent and well above bank rate.
“The exception is a fine two-bedroom detached property in Ranelagh Lane, Malvern Link, which offers a current gross income of £4,862 pa on a higher guide price from £115,000 to £125,000.
“We are also auctioning properties on behalf of Birmingham City Council and Wolverhampton City Council which will attract both private bargain hunters and smaller builders.
“Commercial landlords may express interest in an opportunity in Summer Road, Erdington. It is a vacant freehold pair of semi-detached houses comprising four self-contained flats, set back from the highway, with off-road parking. The guide price is £175,000.
“Higher up the scale is Balmer House in School Road, Hall Green, a pair of substantial semi-detached properties offered with vacant possession but previously occupied as eight flats.
Balmer House offers a buyer potential as a conversion back to a substantial family home in a sought after and fast improving neighbourhood. The guide price is in excess of £300,000. On our first viewing last week around 100 people came to view.”