Today the BBC reported that this semi-detached house in Stockton, Teeside, is about to be auctioned with an unbelievable starting price of £750! It got us thinking and we found some interesting related statistics…
- The cheapest property we’ve bought this year was for £22,000 in Barrow in Furness
- So far in 2012, 10.4% of Quick Move Now’s purchases have been properties under £50,000, compared with 8.5% in 2011
- At a recent auction at the Property Investor Show, 28% of the properties had a guide price of under £30,000, and a shocking 60% of these failed to reach their reserve prices and went unsold!
When asked why the property in Stockton was being auctioned so cheaply, Richard Watson, from auctioneer Robinsons, said;
Although similar properties have sold for more than £50,000, this one needs a huge amount of work done on it to bring it up to a decent standard. It has been vandalised to a very bad extent: all of the wiring has been taken out, there’s no plumbing, there’s no heating system, the kitchen has been removed, and the bathroom is an absolute mess.
The street has more than 50 houses on it, 25% of which are currently empty, according to Stockton Council, and another property there will shortly be coming up for auction with a slightly higher start price of £1,000.
The time is certainly ripe for any buy-to-let investors with the necessary funds available to bring these properties up to rental standards!