The auction on March 30 was more than £5 million up on 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 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 says: “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 a 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 auction included the former Moorlands Methodist Church on Hydes Road, West Bromwich which sold for nearly four times its £175,000-plus 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-plus.
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-plus guide price.
Meanwhile, a two-bedroomed, mid-terraced house at 135 Oxhill Road in Handsworth was sold for well over twice its £50,000-plus 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-plus.
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-plus 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-plus.
Bassi adds: “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 9am on Thursday May 19 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/
£47 million raised at Allsop’s March auction
Allsop’s latest residential auction generated £47 million worth of sales, with 133 lots sold.
Buyers placed 3,722 bids on the day of the auction, with 788 individuals having registered to participate in the sale.
Investment opportunities in private rented accommodation, change-of-use and value-add properties proved popular at the auction held on March 31.
The highest lot to have sold is a freehold collection of hostel buildings in Finsbury Park, north London, that provide a total of 45 rooms. The lot, which is let to Westminster City Council, sold to a private investor prior to auction substantially in excess of its guide price of £7 million.
Additional auction highlights included:
Lot 19 in Willesden, London – a freehold detached building with seven bedrooms extending to 3,174 sq. ft, which was among the most popular lots on the day of the auction with 23 registered bidders, receiving 272 bids and selling for more than £2.15 million
Lot 80 in Essex – a freehold 20-bedroom registered house in multiple occupation (HMO) producing a rental income of over £90,480 per annum, sold for £1,066,000 (GIY 8.48%)
Lot 154 in Derby – a freehold building with planning permission for change of use from residential/business centre to a 56-bedroom care home, receiving 142 bids and selling for £781,000
Richard Adamson, partner and auctioneer at Allsop, comments: “Even with the increase in cost of living as well as recent interest rate rises, the result of this auction demonstrates the robust popularity of residential property amongst investors across the country.”
“We have witnessed buyers pricing with caution, especially for development opportunities due to the unpredictable nature of build costs at the moment, however, there is a good depth of buyers for sensibly priced opportunities.”
“As house prices reach a 17 year high with annual growth hitting 14.3% in February this year, according to Nationwide, this is a seller’s market, and we are expecting a busy few weeks ahead as we approach our forthcoming auction in May.”
Allsop’s next residential auction will be held online on 12 May 2022.
Time warp house and landmark Dorset building for sale at Network Auctions
Network Auctions has revealed two unique lots to be sold online at its next online auction.
The first is a large semi-detached property in a sought-after area that hasn’t been touched for decades – described as a ‘real novelty’.
The large four-bedroom, three-storey property on Alcester Road South, Kings Heath, Birmingham is being sold by executors with a guide price of £190,000-plus.
Stepping inside the house is like stepping into a time warp, which is packed full of period features including unusual tulip-designed ceiling roses and stunning stained-glass windows. The carpets look to be from the ‘psychedelic sixties’, while the wallpaper looks more original fifties. It is also a retro collectors' dream, brimming with vintage items.
However, the photos and online video tour make it clear the property hasn’t been touched in decades. There are multiple signs of water ingress and the property requires complete modernisation.
Due to the condition of the property, they will also not be undertaking any viewings internally.
Toby Limbrick, director of Network Auctions, comments: “This is a property absolutely bursting with charm and character. It’s a generously sized house with three reception rooms and four bedrooms over three floors.”
“It clearly hasn’t been maintained over the years, but it’s one of those rare finds on the market which we know will appeal to those looking for a chance to bring the past into the present.”
He adds: “This is an attractive period property, set back from the road, offering off-street car parking and a large garden to the rear. We believe when the property has been renovated it could be worth in the region of £425,000.”
Another highlight is a landmark building previously owned by the Admiralty and associated with the Portland Spy Ring Case.
1-17 Espionage Place in Portland, Dorset, offers development opportunities for those who look up – literally.
Limbrick states: “With the change in planning guidance there are increased opportunities for developers up in the air, this isn’t just about the land, but the air above the land.”
“This freehold block of flats enjoys direct views across to Portland Bill and the sea and we believe there is potential to construct additional floors, subject to planning.”
The two-storey building, arranged as 17 flats, currently produces a ground rent income of £3,400 per annum (rising). It has a guide price of £65-70,000. Each flat is held on a lease of 125 years from 29/9/2017 and the initial ground rent is £200 per annum per flat, with RPI reviews every 10 years throughout the term. The freehold also includes land and parking spaces.
Both lots will appear in Network Auctions upcoming online sale on April 28 2022.