15 homes across northern England at auction with ‘nil’ reserve prices

Rock-bottom starting prices at auction and the ‘nil’ reserve prices have been given to a bumper range of 15 homes across northern England at Bond Wolfe Auctions next auction on Wednesday 23 October.

The remarkably low reserve prices are on properties appearing at the Birmingham auction from County Durham, Cumbria, Grimsby, Hartlepool, Middlesbrough, Northumberland, South Yorkshire and Sunderland.

The zero tags have been tied to the lots because they are boarded up, in need of serious renovation, or only available for external viewings.

In Cumbria, the ‘nil’ properties include a three-bedroomed, mid-terraced house at 97 Wellington Street in the coastal town of Millom, around six miles north of Barrow-in-Furness.

Three other ‘nil’ properties with the beautiful Lake District in the background are a three-bedroomed, semi-detached house at 2 Cumberland Road in Hensingham, Whitehaven, and a pair of two-bedroomed, mid-terraced houses at 63 Ennerdale Road in Cleator Moor and 210 Moss Bay Road in Workington.

Over in County Durham, the ‘nil’ lots include a boarded up three-bedroomed, mid-terraced property at 4 Argent Street in Peterlee, and in the nearby village of Hordern a two-bedroomed, end-terraced house at 62 Sixth Street and a three-bedroomed, mid-terraced house at 26 Twelfth Street.

On Teesside, there’s a boarded up three-bedroomed, semi-detached house with a ‘nil’ reserve price at 15a St Georges Road West, along with a pair of two-bedroomed, mid-terraced houses at 21 Melrose Street and 13 Fourth Street, both in Hartlepool.

In the village of Goldthorpe, between Barnsley and Rotherham in South Yorkshire, there are two ‘nil’ reserve properties: a three-bedroomed, end-terraced house at 1 Claycliffe Terrace, and a two-bedroomed, mid-terraced house at 9 Victoria Street.

The three other ‘nil’ properties are a pair of three-bedroomed, mid-terraced houses at 16 Hastings Street in Sunderland and 57 Harold Street in Grimsby, and a one-bedroomed, ground floor flat at 41 Sidney Street in Blythe, Northumberland.

Gurpreet Bassi, chief executive of Bond Wolfe Auctions, said: “Each of these properties obviously needs substantial investment, time and effort to return them into decent homes, but for the right investors they could be great bargains.”

Mr Bassi explained that despite the ‘nil’ reserve prices, prospective owners would still have to pay the standard auction administration fee of £1,074 including VAT for each property, and each property was likely to increase in price because of intense bidding.

He added: “It’s becoming quite a thing in auctions in 2019 to give properties ‘nil’ reserve prices because sometimes they really do need a bump-start to get the right potential bidders involved.

“But I’ve never had an auction with as many as 15 houses with ‘nil’ reserve tags, and this range of properties is likely to attract strong interest from potential buyers.”

The rock-bottom starting prices with the ‘nil’ reserve price are just 15 of 131 lots going under the hammer in Bond Wolfe Auctions’ next auction on Wednesday 23 October at the regular venue of the Holte Suite at Aston Villa FC.

Bond Wolfe Auctions has been instructed to sell 621 lots since launching in January this year, including properties across the East and West Midlands and as far afield as Wales, Scotland, plus north east and north west England.

The first four auctions have raised £55 million in sales with an average success rate of 85.5% against the national average of 72% – comfortably making it the West Midlands leading auctioneer.

To discuss selling property by auction or for more information about our property auctions Birmingham, please call Bond Wolfe Auctions on 0121 312 1212, email [email protected] or click here to arrange a free auction appraisal.