More than £16m raised at first property auction of 2023

James Mattin

Bond Wolfe’s first auction of the year saw more than £16.6m raised in sale prices last week.

The live-streamed auction saw a success rate of 90%, with 131 lots sold from a total of 146 offered.

Gurpreet Bassi, chief executive of Bond Wolfe, said: “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+.

The number of people attracted to Bond Wolfe’s auctions continued to increase, with more than 23,000 people watching the auction live.

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

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

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.”