Nil reserve price for three-bedroomed house near Lake District at auction

A family home on the edge of the beautiful Lake District has a rare reserve price of nil at Bond Wolfe Auctions’ next auction in Birmingham on Tuesday 10 September.

The unusually priced lot is a three-bedroomed, mid-terraced house at 97 Wellington Street in the old iron industry town of Millom in Cumbria, around 20 miles south-west of Coniston Water.

The freehold property has a nil reserve price because it is currently vacant and needs renovation, although a house just three doors away sold for £39,500 back in March 2015.

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 10 September.

“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.

Mr Bassi added: “For the right investor, this house could be one of the best bargains available across the UK in 2019.”

The Workington property is just one of 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.