First time buyers and investors from across the West Midlands packed a hall at the NEC in a bid to snap up a bargain at a fast-paced auction of repossessed homes.

Last night’s event, organised by US-based Real Estate Disposition Corporation (REDC), started and ended with blasting rock music, with thousands of pounds changing hands in minutes.

Auctioneers assistants careered around the floor dressed in tuxedos whooping and shouting, even using whistles to alert the auctioneer to bids.

This is serious stuff and, on the face of it, there were some serious bargains to be had. Brochures were circulated with photographs and descriptions of 88 homes from the West Midlands and Wales, including properties in Wolverhampton, Sandwell, Walsall, Dudley and Cannock. Around 500 people were crammed into the hall, where images of the homes were put on screen along with “previous valuation” figures.

A three-bedroomed Stourbridge semi in Church Road, Wordsley, valued at £160,000 sold for £75,000.

A similar home in Elmbank Road, Walsall, sold for £72,000.

And the price of a six bedroomed home in Smethwick was almost halved, selling for £158,000 despite a previous value of £240,000.

Paul Davenport, of Catherine Street, Coseley was at the auction with his daughter Catherine, 29, who bought her first home there.

The 61-year-old retired merchant navy officer admitted auctions are something of a “hobby”, but confessed he had never seen anything like it.

The father and daughter bought a semi-detached home in Wood Road, Dudley, previously valued at £110,000 and said they had thoroughly researched the property first.

Mr Davenport, who did not want to reveal the final purchase price, said: “We put a lot of work in and visited the property a number of times. It wasn’t a spur of the moment decision.

Clive Austerberry and Jack Edge of estate agents and surveyors Austerberry in Stoke-on-Trent were also there. They didn’t like what they saw.

Mr Austerberry said: “It is nothing but smoke and mirrors. This is a process which doesn’t favour the buyer and isn’t user friendly.”

Robert Freidman, chairman of REDC said the company did everything it could to help the customer.