Big spenders splash out at West Midlands homes auction

Yet hundreds of people entered a tension-filled property auction to bid big money on hundreds of properties across the West Midlands.

A total of 155 lots were up for grabs, ranging from shop units, expensive family homes and derelict properties with guide prices as little as £19,000.

The first auction of the year for CP Bigwood, held at Villa Park, was the company's biggest ever.

Among the properties sold off was a two-bedroom home in Lewis Street, Wolverhampton, which – after starting with a £19,000 guide price – went for £67,000.

Another low-priced property was one in Chester Street, Wolverhampton, which had a guide price of £20,000 to £25,000. It went for £100,000 – four times the original recommended value.

At the other end of the spectrum, a house in Havacre Lane in Coseley went for £110,000 following a guide price of £50,000.

The Corner House Resource Centre, in Dunstall Road, Wolverhampton – which has planning permission for six apartments – went for £330,000, from a guide price of £220,000.

Rory Daly, auctioneer and senior partner with CP Bigwood, said: "We were expecting quite a big crowd, you can usually tell beforehand with these auctions whether it will be bigger than usual.

"We had a lot of enquiries beforehand and a lot of traffic to our website.

"Some of the lots with a lower starting price had also grabbed the attention of some would-be first-time buyers.

"It is always a brave move from a seller to start a lot as low as £19,000, because they do risk it actually going for that price.

"However, it usually works the other way, so their property gathers more interest than it would if it was put up for a higher price."

For some, the auction was just another chance to expand their property portfolio. Mohammed Bashir, aged 50, from Walsall, purchased two houses, both of which had started at low prices.

His first buy was the two-bedroom home on Lewis Street, Wolverhampton, but Mr Bashir parted with £67,000 to make it his own. His second purchase, a house on Dilloways Lane, Willenhall, set him back £72,000.

He said: "At low prices these were great investments. I will renovate them, rent them out and hopefully make some money.

"I did have to break the news to my wife that I had quite an expensive day, but it should be worth it."

For others, the day marked the first step into an investment that could shape the rest of their lives.

California native Jonathan Cushing, 44, moved to Stafford two years ago and has been living his dream of bringing 'California cuisine' to the county at The Bank House restaurant, Rising Brook.

He has owned the restaurant since arriving, but when the opportunity to buy the property itself came up, he decided to meet the £275,000 asking price to make it his own. He said: "I am delighted. This is really great for me, because now there is no more landlord on my back.

"I can also make the business more like I want it to be and really experiment with my food, rather than catering to mass crowds in order to pay the rent.

"It is a big step but right now I am just excited."

Bar and restaurant owner Jane Kelly, aged 54, from Bloxwich, took the first step towards realising her dream of running a property business at the auction after a fierce bidding war.

Ms Kelly cheered with delight as she won the keys to a house on Ryle Street, Bloxwich, for £81,000.

After handing over a deposit and her signature, she said: "This is my first time at an auction and I feel so excited to have bought this house.

"It was a long day waiting for my lot to come up but it was worth it.

"The only way I could have enjoyed myself some more was if the bar was open."