Once, auctions were considered places where properties that only developers and the most enthusiastic of DIYers could love went to be sold.
Houses that were in need of a lot of TLC were eagerly snapped up by those in the know who were prepared to put in the work (or to pay someone else to do it) in order to bag a bargain and build their portfolio. These days auctions attract all sorts of lots being sold for all sorts of reasons that are bought by all sort of bidders.
As CPBigwood launched the details of its auction on September 3, the firm totted up its results from similar sales over the last decade and saw a marked increase in their popularity.
It sold a total of 266 properties between September 2004 and July 2005. In the same period, 2014/2015, it was 547 – an increase of 106 per cent. In money terms the comparison was £24 million rising to £70 million, a jump of 192 per cent.
Meanwhile, the percentage sold soared from 68 per cent to 83 per cent.
Jonathan Hackett, head of auctions, said: “Ten years ago the lots were mainly just properties needing refurbishment but now we sell everything from quality homes in the likes of Sutton Coldfield to inner city terraced houses needing extensive work on them. And all things in between.”
Next Thursday’s auction features 104 lots, with three sold prior to hitting the salesroom, a figure that is likely to rise.
The priciest property on its current auction list is a block of 43 apartments at The Junction, Bilston Lane, Willenhall.
Offers are being invited in excess of £2.5 million but it currently has an income of more than £227,000 per annum.
Although it is actually slated to go under the hammer at CPBigwood’s next auction on October 22, it could be purchased before that.
In the residential houses for sale, a semi in Stechford Road, Hodge Hill, with a huge area of land to the rear and a guide price of £125,000-£135,000, should appeal to bidders.
An extended four-bedroom house in Twickenham Road, Kingstanding, has been described as one of the “jewels in the crown” with the bidding expected to start around £60,000-£65,000.
And a house in Chester Road, Kingshurst, is looking for a buyer willing to do some updating and with £100,000-£125,000 to put down.
In Walsall, a thee-storey house in Arboretum Road is excellently positioned overlooking the town’s Victorian park. It is split into seven flats, producing over £28,000 pa, and has a guide price in excess of £225,000.
Baylis Cottage, in Kingsbury Road, Sutton Coldfield, also has an unusual outlook with a canal not far from the door. It is being sold on behalf of The Canal & River Trust for bids around £140,000-£160,000.
Stirchley has suddenly become “trendy”, with homes sought after by young professionals and families.
Oxford Villas, a three-bedroom terraced house in Oxford Street, could be some lucky bidder’s for somewhere in excess of £85,000 .
On Institute Road in popular Kings Heath, a two-bedroom end terrace has had its guide price set at offers upwards of £100,000.
Over in Bilston there is not one but three chances in Beckett Street. There is a mid-terrace at £45,000 to £50,000 and two detached houses both for sale for prices in excess of £55,000.
“I can’t think of an auction previously where we have had three separate properties on the same road for different vendors,” said Mr Hackett.
Another house set to appeal is one in Elms Road, Sutton Coldfield, a residential investment subject to a regulated tenancy. That is looking for bids above £150,000.
Some interesting commercial properties will also be going under the hammer.
Being offered jointly with Bond Wolfe, The Cape of Good Hope pub at Billingsley, near Bridgnorth, has a guide of £120,000-£140,000.
A car park off Colgreave Avenue in Sparkhill, a Birmingham City Council lot, is already stirring up great interest with the locals given its £15,000 asking price.
A former 29-bed residential nursing home with redevelopment potential, in Wellington Road, Dudley, is on offer at £150,000-£200,000.
And a mixed residential commercial investment property , along Northfield Road, Harborne, with a gross income £60,480 with further rental potential, is available at £675,000-£700,000.
Finally, an usual lot – ten strips of land across England and Wales that, at some point, may potentially assist in facilitating access to adjoining land, will go under the hammer at £5,000-£10,000.
The auction will be at the Holte Suite, Aston Villa, from 11am.
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