Strong owner-occupier demand helped West Midlands-based CP Bigwood raise £7.8m off a 76% success rate at its 6 September auction at Aston Villa Football Club, Birmingham.
The demand for residential property was strong, with 78% of lots sold, while 77% of residential investment properties and 70% of vacant commercial properties sold.
One of the best-performing residential lots on the day was a vacant three-bedroom leasehold mid terrace property in Stechford, Birmingham, that sold for £62,000 – 82% above its reserve.
Investor-led stock also performed well. Yields for assured shorthold tenancies averaged 9.1%, while regulated tenancies yielded 5.5%. Commercial investment stock yielded 10.7%, slightly higher than expected.
Associate director Perm Daly said: “Any property that’s of decent quality that would appeal to somebody to buy for their own residence sells very well.”
samantha.baden@estatesgazette.com
