Growth in revenues to £23 million-plus in auction

A continuing strong market for property saw substantial growth in revenues at Bond Wolfe’s second auction of 2022, with total sales of more than £23 million.

The auction on 30 March was more than £5 million from the previous auction in February and saw 168 lots sold out of 181 offered, a success rate of 93%.

The live-streamed event produced some staggering audience figures with 662,914 page views, 151,712 virtual tours of lots, 36,025 legal documents downloaded and 25,549 viewers logging in to watch the auction live.

Bond Wolfe chief executive Gurpreet Bassi said: “While global uncertainty surrounding huge issues like the Ukraine war, oil prices and interest rates continue to rock the economy, it is reassuring to see that property is still seen as a safe investment.

“We got off to a good year in our February sale with revenues of £17.7 million but were delighted to have seen substantial growth to more than £23 million in our second sale of the year.

“The popularity of Bond Wolfe auctions speaks for itself both in terms of the sales made and the incredible audience statistics that have emerged.”

Highlights from the 30 March auction included the former Moorlands Methodist Church on Hydes Road, West Bromwich which sold for nearly four times its £175,000+ guide price* at £670,000.

Strong bidding produced an even more impressive result for a three-bedroomed, semi-detached house at 108 West Park Avenue in Northfield, Birmingham when it sold for £216,000 – well over four times its guide price of £50,000+.

And a sale price of £190,000 for a three-bedroomed, end-terraced house at 96 Sir Hiltons Road, also in Northfield, was exactly twice its £95,000+ guide price.

Meanwhile, a two-bedroomed, mid-terraced house at 135 Oxhill Road in Handsworth was sold for well over twice its £50,000+ guide price at £121,000.

Over in Witton, the hammer came down at £159,000 for a grade II-listed former lockkeepers’ canalside cottage at 79 Deykin Avenue, which had a guide price of £135,000+.

There was a healthy interest in a wide range of properties at the auction, with a two-bedroomed, semi-detached house at 44 Dolphin Lane in Acocks Green that needed renovations throughout sold for £184,000 – nearly twice its £95,000+ guide price.

Properties over in the Black Country also prompted competitive bidding, a good example being the £136,000 raised for a three-bedroomed, mid-terraced house at 95 Coles Lane in West Bromwich, which had a guide price of £75,000+.

The Black Country success story continued with a quartet of neighbouring houses converted into flats at 117, 119, 121 and 123 Tettenhall Road in Wolverhampton, which all sold prior to the auction as follows:

• number 117 sold for £275,000 from a guide price of £245,000+,
• number 119 sold for £250,000 from a guide price of £220,000+,
• number 121 sold for £275,000 from a guide price of £245,000+, and
• number 123 sold for £255,000 from a guide price of £220,000+.

Commercial properties saw healthy sale prices too, with a two-storey former vet’s surgery at 456 to 458 Hagley Road West in Oldbury selling prior to auction for £485,000 – more than £200,000 more than its guide price of £275,000+.

Bond Wolfe sells properties from across the UK for all sorts of reasons, an example being a two-bedroomed, mid-terraced house at 54 Wheatfield Road in Northampton with a £140,000+ guide price which was sold on behalf of receivers for £160,000+.

Mr Bassi added: “These impressive results once again show that there is a resilient interest in properties across the UK and that it is an ideal time to sell quickly by auction.”

Bond Wolfe’s next auction starts at 9 am on Thursday 19 May 2022, and property owners interested in selling can arrange a free auction appraisal by calling 0121 312 1212 or 01902 928 510, or by visiting https://www.bondwolfe.com/free-property-appraisal/