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Auction record hammered.

CPBigwood has chalked up a new auction record after achieving PS14,839,050 following post-sale deals for its mid-summer event.

This meant the auction on July 2 has achieved a 90 per cent success rate in terms of sales.

It continues what has been a very profitable year for the agency when it comes to these public affairs.

CPBigwood's previous record auction took place in February 2014, raising just over PS13 million.

All three auction sales that have taken place so far in 2015 have broken this record - February PS13.4 million, April PS14 .75 million and now July PS14,839,050.

Rory Senior partner and head auctioneer Rory Daly said: "We achieved PS14,224,550 on the day, including prior sales, and this represented an 87 per cent success rate.

"The success rate has now risen to 90 per cent.

"Our September 3 auction is already looking to be a corker and we will be previewing the major and most interesting lots in the coming weeks."

He said that interest in buying at auctions was clearly on the up and suited both sellers and buyers because of the potential for a clear cut result on the day.

These auctions have also been proving a valuable source of income for local authorities, as many of the West Midlands councils have been calling on CPBigwood to dispose of unwanted land and property.

Daly Mr Daly said: "Local authority stock is perfect auction fodder.

"What regular auction buyers can expect to see being offered is surplus local authority stock, much of it needing significant improvement, that is realistically priced and in demand.

"We regularly end up achieving premium prices.

"At a stroke, the local authority has converted what it may have viewed as increasing liability into much needed cash."

He added that another attractive development is the growing selling of properties via Local Authority Empty Homes Schemes.

This benefits the Local Authority who no longer have the resources to compulsory purchase blighted properties.

The purchasers restore them to a habitable state and bring them back into use, thus helping to ease the housing shortage crisis and take the burden from the previous owner, who would probably not have the financial resources required to modernise the property. CPBigwood's next auction is on Thursday, September 3, at the Holte Suite, Aston Villa FC.

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Rory Daly

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Title Annotation:Features
Publication:The Birmingham Post (England)
Date:Aug 20, 2015
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