A COVENTRY landlord has decided to sell his £1 million (€1.228 million) property portfolio in an online competition after being hit by the credit crunch.

Avtar Chagger, 44, said current market conditions had forced him to auction off five properties in Birmingham, Leicester and Aldershot in a competition where, for the price of a £25 (€30.70) ticket, one winner will take all. The properties, which include an apartment on the 22nd floor of the Orian Building in Birmingham, bring in £3,500 (€4,300) a month in rent. Chagger decided to get out of the private rented sector after costs became too high and his properties were devalued. The competition website is at www.propertycompetition.com.