Dozens of homes across northern England to be auctioned with nil or £1 guide prices
A raft of 26 homes with rock-bottom guide prices of nil or £1 are going under the hammer at Bond Wolfe Auctions’ next auction in Birmingham on Wednesday 11 December.
The remarkably low prices are on properties from County Durham, Cumbria, Doncaster, Grimsby, Hartlepool, Liverpool, Newcastle, Rotherham, Saltburn and Sunderland.
The bargain tags have been tied to the lots because most are boarded up, in need of a full programme of refurbishment or only available for external viewings.
Gurpreet Bassi, chief executive of Bond Wolfe Auctions, said: “These properties obviously need substantial investment, time and effort to return them into decent homes, but for the right investors they could be among the best bargains of 2019.”
Nine of the houses listed at nil are in County Durham and include a two-bedroomed end-terrace at 9 Henry Street South in Murton, Seaham, and a two-bedroomed mid-terrace at 12 John Street, Eldon Lane, in Bishop Auckland.
Another two bedroomed, mid-terrace listed at nil is at 79 Collingwood Street in Coundon in Bishop Auckland, although this one enjoys current rental income of £5,720 per annum.
Other County Durham houses listed at nil are neighbouring three-bedroomed mid terraces at 4 and 5 Argent Street in Peterlee, along with others at 4 Twelfth Street in Hordern and 26 Dodds Close in Wheatley Hill, Durham.
Over in Hartlepool there are seven houses listed at nil reserve including two-bedroomed mid-terraces at 13 Fourth Street, 94 Oxford Road, 13 Stephen Street and 11 Cameron Road, three-bedroomed mid-terraces at 6 Hepscott Avenue and 180 Burbank Street, and a three-bedroomed end-terrace at 25 Cornwall Street.
Other north-east bargains listed at nil include two-bedroomed mid terraces at 5 Humber Street in Newcastle upon Tyne, 15 Ewe Hill Terrace in Houghton-le-Spring and 33 Errington Street in Saltburn, along with a three-bedroomed mid-terrace at 16 Hastings Street in Sunderland.
Down in South Yorkshire, houses listed at nil include a three-bedroomed mid-terrace at 33 Princess Crescent and a two-bedroomed mid-terrace at 12 Great Central Avenue, both in Doncaster, and a two-bedroomed mid-terrace at 12 Beever Street in Rotherham.
More northern England houses with bargain prices include a two-bedroomed semi-detached at 11 Primrose Court in Liverpool and a three-bedroomed mid-terrace at 57 Harold Street in Grimsby, both with £1 guide prices, and a two-bedroomed mid-terrace at 210 Moss Bay Road in Workington, Cumbria, listed at nil.
Mr Bassi explained that despite the low guide prices, prospective owners would still have to pay the standard auction administration fee of £1,074 including VAT for each property, and each property is likely to increase in price as the bidding on each lot progresses.
He added: “It’s useful to list certain properties in need of renovation at £1 or nil as a nudge to get the right bidders involved, but we’ve never had an auction with as many as 26 houses at these low prices.
“This range of bargain properties is likely to attract strong interest from potential buyers on the day.”
The northern England properties are just 26 of 164 lots that will be offered on 11 December at what is the largest property auction to be held in the Midlands in 2019.
Bond Wolfe Auctions, which launched in January this year, has so far sold 503 lots out of 592 offered and raised over £66.2 million with an average success rate of 85% – comfortably making it the West Midlands’ leading auctioneer.