A property in Grimsby is being auctioned with a starting bid of just one pound. This may sound great, until you find out that you can only view the exterior of the property as the auctioneers were not able to view the inside of the house apart from looking through the windows.
Bidders are taking a bit of a risk as they don’t know what they’re getting, but it’s likely lots of work and investment will be needed to get the house up to scratch.
There is a description of the property but auctioneers say that it shouldn’t be fully relied upon. The Grimsby terrace is said to have a through reception room, kitchen and bathroom/toilet on the ground floor, with 3 beds upstairs and a yard out the back of the house.
In the last 3 years, houses of a similar size on the same street went for between £28k and £40k.
The property doesn’t have a reserve price, but the successful bidder will have to pay the admin fee of £1,140. It’s expected that the auction will be intense with lots of bidding which will drive the price up. Despite this, the terrace could be a great investment for someone willing to put in the time and money to spruce the place up.
Check out the listing for more information or to see what the property sold for.
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I began writing for Property Press Online in October 2019. Particular areas of interest are housing market news and new developments in the market.