Auction House Midlands is celebrating the success of its latest property auction, which was held at Walsall Football Club in the West Midlands on Thursday 8 December 2022.
Just over £8m (£8,012,750) was raised at the hybrid auction where the event ran simultaneously in the auction room as well as via livestream. With over 100 bidders in the room to begin the day with countless more online, 76% of the 70 lots offered were sold.
The properties listed came from all over the Midlands region – including Birmingham and the Black Country, Staffordshire, Shropshire, Leicestershire, Nottinghamshire, Coventry and Warwickshire.
Auctioneer, Chris Edwards said, “The numbers turning out in person to the Walsall Football Club auction, show that the appetite remains to return to the room. About half of the bidders were online during the sale. It’s a tough market out there at the moment, but our sellers understand that although price is important, making the sale can, in some cases, be as important, so pricing is key.”
The auction got off to a strong start with Lot 6 – a property divided into two flats with tenants in place, selling for £215,000 from a guide of £140,000. The self-contained flats in Sutton Road in Walsall were sold as an investment, currently raising more than £12,000 a year.
Chris Edwards added, “We’re heading for a difficult year in 2023 if the cost of living continues to rise. There is a myriad of reasons why people choose to sell at a particular time, but auction is the perfect place to sell a property quickly and there are always buyers with cash ready and standing by.”
Properties with potential always attract a lot of attention from bidders and a three-bedroom terrace in Ombersley Road in the Sparkbrook area on the outskirts of Birmingham was no exception. The property needing total modernisation, was a late entry to the auction. It was guided at £110,000 before selling at £158,000.
In Black Prince Avenue, Cheylesmore, Coventry, a four-bedroom detached modern property, also needing refurbishment was considered by auctioneers to be an ideal family home. It was guided between £250,000-£270,000 before the hammer came down at £306,000.
Chris Edwards continued, “It’s a hard property market currently but many investors still consider bricks and mortar to be the best place to put their money. And the auction market can be more flexible and adapt quickly to changing times.”
