Before this year, CPBigwood's previous record auction took place in February 2014 raising just over £13 million. All three auction sales that have taken place so far in 2015 have broken this record – February, £13.4 million, April, £14 .75 million and now July, £14,839,050.

The result cements CPBigwood’s position as the largest auction house in the Midlands, and the major auction firm outside of London.

Senior partner and head auctioneer Rory Daly said: “We achieved £14,224,550 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.

“This was the result of 2,500 viewings across the catalogue, which is testament to the huge amount of work put in by our auction team between auction dates.

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

As well as private individuals and institutions, CPBigwood is also the auction house of choice for local authorities looking to dispose of unwanted land and property, acting for the majority of West Midlands councils.

Rory Daly said: “Local authority stock is perfect auction fodder and when regular auction buyers are aware that CPBigwood are appointed auctioneers for the majority of West Midlands authorities, including Birmingham, Sandwell, Wolverhampton, Solihull and Walsall with ad hoc lots from Wyre Forest and Dudley, then they know what to expect.

“What they can expect to see being offered on the day is surplus local authority stock, much of it needing significant improvement, that is realistically priced and in demand.

“This reaches into every property sector and when you add up all the elements in the equation, we regularly end up achieving premium prices. At a stroke, in property timescales, 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 not only benefits the Local Authority who no longer have the cash resources to compulsory purchase blighted properties.

The purchasers bring them back into habitable use, thus helping to ease the housing shortage crisis and also eradicate the burden from the previous owner, who all in likelihood would probably not have the financial resources required to modernise the property.

Whether brought back into use for personal use or as a buy-to-let, then the end result is the same, another property back into habitable use and available for occupation.