Bond Wolfe sells 76% despite UK economic woe
Bond Wolfe’s October auction raised more than £15.6m, with a 76% success rate.
The auctioneer sold 106 of the 140 lots offered. A further 22 lots were withdrawn prior. In an apparent reflection of current market conditions, the success rate is lower than the norm for Bond Wolfe. According to Essential Information Group, it has consistently sold 80-98% of lots offered since its first sale in March 2019.
Gurpreet Bassi, chief executive of Bond Wolfe, said: “Despite current market conditions and the state of the UK economy, our auctions continue to outperform the industry average. As can be seen by our October results, we continue to achieve some excellent prices for our clients up and down the country and beyond.”
Bond Wolfe’s October auction raised more than £15.6m, with a 76% success rate.
The auctioneer sold 106 of the 140 lots offered. A further 22 lots were withdrawn prior. In an apparent reflection of current market conditions, the success rate is lower than the norm for Bond Wolfe. According to Essential Information Group, it has consistently sold 80-98% of lots offered since its first sale in March 2019.
Gurpreet Bassi, chief executive of Bond Wolfe, said: “Despite current market conditions and the state of the UK economy, our auctions continue to outperform the industry average. As can be seen by our October results, we continue to achieve some excellent prices for our clients up and down the country and beyond.”
Some 21,123 viewers watched the auction live on 27 October. In the run-up to the day, there were 459,962 website page views, 106,293 video tours watched and 26,800 legal documents downloaded.
Highlights included a two-bedroom, end-of-terrace house in Selly Park, Birmingham, which sold for £180,000 from a guide price of £25,000-plus (lot 15).
Bidders also competed strongly for 29 Hewell Road, a three-bedroom, end-of-terrace house in the popular village of Barnt Green, just outside Birmingham, which achieved £261,000 from a guide price of £210,000-plus (lot 52).
In the Handsworth area of Birmingham, a three-bedroom, semi-detached home with a guide price of £120,000-plus sold for £141,000 (lot 123).
Competition was also strong for another three-bedroom, semi-detached house in Walsall, which realised £110,500 from a guide price of £75,000-plus (lot 140).
In Wolverhampton, a two-bedroom, mid-terrace house sold for £104,000 from a guide of £19,000-plus (lot 32).
In Redditch, Worcestershire, there was a lot of interest in a Grade II listed, 38-bedroom former care home set in approximately 1.12 acres (pictured), which was listed with a guide price of £750,000-plus. It was sold prior to the auction for £900,000 to an undisclosed buyer (lot 22).
In Four Oaks, Sutton Coldfield, a four-bedroom, detached dormer bungalow sold prior to the auction for £740,000 from a guide price of £650,000-plus (lot 69).
Bassi added: “We are likely to see increased activity in the auction marketplace in the coming year as investors look to realign their portfolios and first-time buyers continue to seek out auction properties for the keen value they offer.”
Bond Wolfe’s next auction will be held on 14 December.
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Photo © Bond Wolfe
