Cheapest houses sold at auction in the UK

Two bedroom house sold for £8250 at auction

An unoccupied, derelict house in County Durham has been called Britain’s cheapest house. The two bedroom, end of terrace house on Church Street, in Ferryhill Station was sold in auction for £8250. Despite its apparent bargain price, the property has been empty for over 10 years and extensive renovations need to be done. Evidently the new owners are keen to save a few pounds, so they will surely spend time searching for a good project manager..

All the windows have been boarded up and the walls are covered in graffiti. Internally, the ceilings have fallen away to almost nothing and the kitchen can be described as a “shell”. In addition, the house is 100 yards away from the nearest train line, which causes any ornaments on the mantelpiece to rattle off onto the floor. Despite its dire conditions, property experts believe once the property has been brought up to scratch, it could sell for just over £30,000. This could give the owners a profit of at least £21,750 – not including the costs from renovations.


The main benefit of buying at auction is the opportunity to pay a ‘bargain’ price for a property. However, you should be prepared to have extra money saved up to renovate the property in some way as most auctioned properties tend to be quite dated or imperfect.

The houses that require less work will obviously be the more popular ones, so you may have to pay a higher price in order to secure it. When it comes to more damaged properties, they may sell for a really cheap amount, but the money required to improve them could result in an expense matching the price of another auctioned property that required next to no remodelling.

Preparing for an Auction

It is important to establish a clear, finite budget if you’re planning on going to auction. It is always best to view properties before hand so you can get a good idea of what repairs need to be made. You should also be aware that in auctions, if your bid is accepted you are legally committed to the purchase and neither party can pull out.

To gain some familiarity with the system, visit some auctions without bidding and seek advice from mortgage advisers and solicitors for information on the financial and legal process. Buying houses through auction can prove to be a smart and profitable investment, as long as the appropriate research is done.

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