Auction Properties in Birmingham
What Types of Auction Properties Are There in Birmingham?
Nowhere in the UK has such a wide variety of property and buying auction properties in Birmingham is both competitive and rewarding. Apart from residential properties of all types at auction, it is also possible to find industrial (such as warehouses and factories), commercial and mixed-use properties. For those willing to travel outside the city centre, nearby villages also offer the chance to purchase agricultural properties within easy commuting distance of Birmingham.
As far as residential auction properties in Birmingham are concerned, many neighbourhoods in Birmingham reflect certain periods of the city’s growth. A large proportion of properties in Erdington are terraced back-to-back style homes while areas such as Moseley feature large Victorian detached properties located in tree-lined streets with easy access to urban parks. It is possible to find large Georgian townhouses in Edgbaston while the Jewish Quarter has loft-style apartments on offer.
Narrowing down your choice among all those houses sold at auction can take time. Visiting the neighbourhoods in question and doing your research will help. You need to pinpoint your main criteria – whether that is close proximity to good schools or with easy access to transport links – to help you decide.
Is Birmingham a Good Place to Purchase a Buy-to-let Property?
If you wish to invest in property, Birmingham is an excellent choice. Property prices have grown over 200% since 1999 and this trend seems set to continue. Despite this rapid growth, property prices are still significantly cheaper than the capital and enable an investor to pick up a bargain. This is what drives so many new investors to seek auction properties in Birmingham.
With its universities and colleges, Birmingham has a large student population so rental properties are in high demand. Apart from buying a buy-to-let property for students, developments such as the £1.5 billion Birmingham Smithfield Masterplan are attracting more businesses to the city. This creation of new jobs means that the demographics of the city has changed dramatically. An estimated 40% of the population are now under 25 and these young professionals are the ones who would be looking for a place to rent until they get their foot on the property ladder.
With average rents in the city around £900-£1,000, buying a buy-to-let property in Birmingham would give you a good return on your original investment.
Five Good Reasons to Buy Auction Property in Birmingham
1. Great Location
Its central location in the West Midlands means that Birmingham is within easy proximity of most towns and cities in the UK. In fact, 90% of the UK is within a 4-hour train ride. This makes access to the countryside and seaside relatively easy.
2. Excellent Transport
As well as regular local and national bus services, Birmingham is served by an excellent network of roads and railways such as the HS2 and Midlands Metro Expansion. It is therefore quite possible to live in the Birmingham area and commute to another town/city. The city also boasts more canals than Venice, which are now mainly used for leisure activities. Birmingham has the 7th busiest airport in the UK which serves about 13 million passengers a year. It offers both national and international flights.
3. Good Employment Opportunities
Birmingham has shaken off its former reputation as a predominantly industrial, manufacturing city. Digbeth has become an art, media and digital hub with many companies in this field setting up or moving to the city. Other key urban developments such as Arena Central, Paradise and Birmingham Smithfield have created thousands of new jobs in the retail and leisure industries.
4. Many Leisure Facilities
Birmingham has all the facilities you would expect from the UK’s second largest city. It caters for all tastes and hobbies from live music of all types to theatre and opera productions. Although best-known for its cricket grounds at Edgbaston, Birmingham also offers its residents a wide range of other facilities for both individual and team sports. Because the 2022 Commonwealth Games are scheduled to be held in Alexander Stadium in Perry Bar, sports facilities in the city have been improved further. Visitors to the city are often struck by how green Birmingham is. Both past and present town planners made a point of incorporating green spaces into the city. The 7th largest urban park in Europe, Sutton Park, is located in Birmingham.
5. Cost of Living in Birmingham
Birmingham is a relatively cheap place to live, especially when prices are compared to the capital. The price of rent and purchasing property depend on which part of the city you live, but areas like Kings Heath and Bourneville still offer reasonably priced property within easy reach of the city centre.
Auction Properties in Birmingham FAQ
How Can I Find Auction Properties in Birmingham?
Visiting auction house websites and ordering copies of their catalogues are the best ways to begin your search for auction properties in Birmingham. Auction house catalogues are published regularly, around 3 weeks before the date of the auction. You can also contact local banks to find out if they are about to auction property in the Birmingham area.
How Much Are Auction Properties in Birmingham?
The average property price in Birmingham is around £205,000. However, prices can vary widely. Your final bid could be higher or lower depending on factors such as the property type, its age/condition and location. Interest from other bidders can also push up the auction house guide price. Typically you could expect to pay anywhere from 20% to 40% less at a property auction in Birmingham.
Where Is the Best Place to Look for Auction Property in Birmingham?
Digbeth, Edgbaston, Perry Bar, Erdington, The Jewish Quarter and Sutton Coldfield are all popular areas to buy auction properties in Birmingham. Due to the size of the city and depending on what you intend to do with your property you purchase at auction, it may be better to narrow down your search before attending a property auction in a specific part of the city.
Are There Unusual Properties Put Up for Auction in Birmingham?
The property market in Birmingham reflects the architecture of any UK city and is mainly terraced, semi-attached and detached properties. However, if you do your research beforehand, it is possible to find unusual and unique auction properties in the city.
The process of urban renewal has meant that many old warehouses and commercial properties in neighbourhoods such as Digbeth and the Jewish Quarter have been converted into apartments. These loft-style flats have retained many of their former features making them completely different to the usual box-like dimensions of modern apartment blocks.
Other unusual conversions include the refitting of former chapels, pubs and barns. These types of conversion tend to be found outside the Birmingham city centre or in and around Sutton Coldfield.
Before buying quirky conversions in Birmingham, it is wise to discuss this with your mortgage provider. Auction property financing can be problematic for any building of non-standard materials and/or construction. It is also wise to check that the legal pack (supplied by the auction house) does not contain any unpleasant surprises regarding the legality of the conversion or restrictive covenants. It is incredibly important that you are aware of any such issues, especially when buying auction properties in Birmingham as the auctions themselves can be hectic and very fast paced.
Arranging a home survey is an absolute must when buying a property at any auction, but especially crucial for any older properties which have been allowed to fall into a state of disrepair. Be certain of what you are bidding on and remember it may be very difficult to back out of any deal, the least you should expect is to lose your 10% deposit. Auction properties in Birmingham are well attended and the online property auctions are just as busy.
Useful Birmingham Property Resources:
Assess your council tax in Birmingham
Visit Birmingham – Information about visiting the city of Birmingham