Investors were out in force at SDL Auctions Bigwood’s 133 lot September auction which raised over £17 million with a success rate of 85 per cent.
Gurpreet Bassi, Head of Residential Auctions said, “Buy-to-let is viewed by the experienced professional investors we regularly see in our Birmingham auction room, as an asset category that returns strong yields.
“There appears to be no let up in demand in the rental sector for quality refurbished properties, as evidenced by our latest auction.”
Fully tenanted properties attracted the keenest bidding in the room.
44 Bournville Lane in Bournville, pictured, is a large freehold mid-terraced house converted into five flats, producing a gross annual rental income of £22,380.
Offered with a guide price in excess of £190,000, sold for £245,000.
Larger scale investments included 3 School Road in Moseley, a substantial freehold semi-detached HMO, which has been converted into 12 flats and has a current gross annual rental income of £58,000. It sold for £550,000 after being listed with a guide price in excess of £500,000.
Gurpreet Bassi said, “Investment properties such as these in the West Midlands are attracting attention not only from those in the room, but also via the internet and by telephone from all parts of the UK, particularly London and the south east.
“No sooner have we held an auction, than we are being asked what is in the next one. The demand for investment properties is clearly very strong.”