£1 Property for a First time Buyer

After our latest analysis indicating the rise in housing prices, finding an affordable property to ascend the ever-expanding property ladder can be a difficult one. While the 2017 budget has been announced, abolishing stamp duty for first time buyers entering the market, the underlining issue of house prices have not been corrected, only trickling supply into 2018 with the potential of driving prices up further.

While the property industries new, first time buyer, stamp duty free direction is yet to see the effects of the new directive, one thing is for certain, the Modern Method of Auction will stay on top, offering fantastic first time buyer opportunities with property starting bids as little as £1.

Yep, for the small sum of £1, you could take your first step on to the property ladder. Potential buyers could get their hands on the one-bedroom property in Potternewton in Leeds, though naturally, there is a catch. The mid-terraced house is going to auction with a starting bid of £1, but the new owners face a complete overhaul of the period property. The stone built house dates back to the 1730s and has been in the same ownership since its £4000 purchase in 1973.

The traditional stone home maintains many of its original features, however, requires full modernisation with the potential for a second bedroom.  Additionally, the property has a cellar which could be converted into a dining/kitchen room, as well as a private rear courtyard garden.

The auction will take place at the Best Western Cedar Court Hotel in Bradford on 29th November, and bids can also be placed via the Modern Method of Auction online. Jamie Cooke, Managing Director comments: ‘This property presents a great opportunity for someone who wants a renovation project and could provide an excellent return on investment – the house next door recently sold for £200,000.”

The vendor is very keen for a speedy sale on the property, hence deciding to start the bidding at £1. ‘We anticipate a lot of interest and competitive bidding for this house, particularly with it being marketed online as well.’

If you’re a first time buyer or just someone with an eye for a bargain, please contact your local agent or IAM Sold today and take control of your property journey today.

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