Nil reserve price for Lake District house offered by Bond Wolfe Auctions

A rare nil reserve price has been placed on a house near the beautiful Lake District that is up for sale at Bond Wolfe Auctions’ next auction in Birmingham on Wednesday 3rd July.

The two-bedroomed, mid-terraced property stands flush to the pavement at 107 Main Street in the village of Distington, near Workington, and comes with a rear garden.

The house has a nil reserve price because it is currently vacant and needs renovation, although a neighbouring property sold for £55,000 back in 2012.

Gurpreet Bassi, chief executive of Bond Wolfe Auctions, said: “It’s highly unusual to start auction lots with a reserve price of nil and we’re expecting intense interest in this property on 3rd July.

“The house has been given a rock-bottom reserve price because it is in need of some serious works, although a new owner could quickly create a decent place to live in or rent out.”

Mr Bassi explained that while reserve prices of nil meant that there was no minimum price, prospective owners would still have to pay the standard auction administration fee of £1,074 including VAT for each property.

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

The Workington property is just one of 120 lots in the auction at Villa Park on Wednesday 3 July which can all be viewed here.

Bond Wolfe Auctions only launched in January but has already been instructed on 350 properties this year, and this will be its third auction in a row to offer over 100 lots.

Its first two auctions had an average success rate over 87% which has quickly established Bond Wolfe Auctions as the Midlands’ leading auctioneer in 2019.

* Each property is subject to a reserve price which may be different from the guide price.