Local authority stock, smaller development sites and keenly priced vacant residential properties sold well at Bigwood’s December auction, pushing total sales to almost £8.5m.
A total of 65 properties sold, including 11 prior to the 8 December auction at Aston Villa Football Club, reflecting a 64% success rate.
Auctioneer Rory Daly said that, although there was healthy demand for vacant houses and flats at the auction, many did not sell for much past their reserves. He added that demand petered out further when larger development sites were offered.
“Realistic and accurate pricing in this market is critical to achieve a successful sale,” said Daly.
Notable sales included the opening lot of the day, a Grade II-listed property in Erdington, which was offered on behalf of Birmingham city council. It sold for £200,000 off a guide price of £120,000.
The 19th century property was part of Aston Union Cottage Homes and was used recently by the council as offices.
There was a demonstrable drop in investor appetite for assured shorthold tenanted properties in the region, with just two out of nine lots offered selling.
Several parcels of land sold well for Sandwell council, however, including a development plot in West Bromwich which raised £96,000, above its guide of £35,000.
