Auction offers rare £1 and nil prices for houses on Teesside

Auction offers nil starting prices for two houses on Teesside at Bond Wolfe Auctions next auction in Birmingham on Tuesday 10 September.

The first of these lots with a guide price* of £1 is a two-bedroomed, mid-terraced house at 34 Victoria Road in Thornaby – where a nearby house was sold for £35,000 in September 2018.

It’s been given the low guide price because it’s boarded up and needs serious renovation, with only external viewings available.

The other lot this time with a guide price of nil is two-bedroomed, mid-terraced house at 40 Dundas Street in Stockton – where a nearby property sold for £36,750 in July 2017.

This one’s currently vacant and said need improvement works, but both lots are expected to see fierce competition from bidders.

Gurpreet Bassi, chief executive of Bond Wolfe Auctions, said: “It’s rare to start auction lots with guide prices of nil and £1, and these lots are likely to attract strong interest from potential buyers.

“Each property obviously needs investment to return them into decent homes, but for the right investors these could provide two of the best bargains available across the UK in 2019.”

Mr Bassi explained that while the £1 guide price was low, prospective owners would still have to pay the standard auction administration fee of £1,074 including VAT for each property.

He said that some auction properties can have further costs and it is always recommended that potential purchasers read the legal pack.

The Stockton properties are just two of the 140 lots going under the hammer in Bond Wolfe Auctions’ next sale on Tuesday 10 September at 10.30am at the regular venue of the Holte Suite at Aston Villa FC.

Bond Wolfe Auctions has already this year offered 350 lots, more than any other auctioneer in Birmingham, including many properties from Wales and Scotland as well as those across the East and West Midlands.

The first three auctions have raised nearly £39 million in sales – more than double its nearest competitor in the same period.

Anyone interested in the auction or with properties for sale in future auctions should contact [email protected] or call 0121 312 1212.