More than £16.6 million raised at Bond Wolfe’s first property auction of 2023

The ongoing resilience of the property market has been underlined by Bond Wolfe’s first auction of the year, which saw more than £16.6 million raised in sale prices.

The livestreamed auction on 9 February saw a success rate of 90%, with 131 lots sold from a total of 146 offered.

Gurpreet Bassi, chief executive of Bond Wolfe, said: “We are delighted to have started 2023 with the continuation of our market-leading success in the auctions market.

“Despite rising interest rates in an economy that is close to recession, we are continuing to see a strong demand for all types of properties, with impressive prices gained from bidders.”

The auction was particularly successful for a series of garage and land lots sold on behalf of Birmingham City Council.

These started when the hammer went down at £100,000 for a freehold pair of lock up garages and land adjacent to 2A Woodland Road in Handsworth, which had a guide price* of £15,000+.

Then came another freehold pair of lock up garages and land adjacent to 44 Wandsworth Road in Kingstanding which had a guide price of £10,000+ and were sold for £56,000.

Meanwhile, £115,000+ was paid for a small rectangular parcel of freehold land on Grove Cottage Road in Bordesley Green with the potential for development, subject to planning permission, from a guide price of £10,000+.

Another small rectangular parcel of freehold land to the rear of 20 Erasmus Road in Highgate which had a guide price of £5,000+ and was for the sole use as private garden land only, was snapped up for £16,000.

The number of people attracted to Bond Wolfe’s auctions continued to increase, with 618,371 views of website pages, 165,005 video tours watched, 38,426 legal documents downloaded and 23,790 people watching the auction live.

Other highlights of the auction included £150,000 paid for a three-bedroomed, purpose built flat on the 12^th floor at 49 Warwick Crest, on Arthur Road in Edgbaston, Birmingham, from a guide price* of £20,000+.

Meanwhile, a three-bedroomed, semi-detached house that needed modernisation throughout at 50 Shepherds Brook Road in Stourbridge was sold for £142,000, from a guide price of £89,000+.

And a freehold, two-storey commercial property that could be an investment or a redevelopment opportunity at 165-173 Halesowen Road, Old Hill, in Cradley Heath, was sold for £430,000, from a guide price of £275,000+.

Bond Wolfe’s next property auction will start at 9am on Thursday 30 March.

The property auction will be livestreamed via Bond Wolfe’s website with remote bidding by proxy, telephone or internet.

Mr Bassi added: “With continued buyer interest for properties across the UK, our March auction provides a fantastic opportunity to people to sell their properties this spring.”

For more details on our property auction and to register to bid visit www.bondwolfe.com/property-auctions-west-midlands/, email [email protected], or call 0121 312 1212 or 01902 928 510.