A family home on the edge of the beautiful Lake District had a rare reserve price of nil at Bond Wolfe Auctions’ auction in Birmingham this week.

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

The freehold property had 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: “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.

Bond Wolfe Auctions has already this year offered 350 lots, more than any other auctioneer in Birmingham, including many properties from Wales and Scotland as well as those across the East and West Midlands. The first three auctions have raised nearly £39 million in sales – more than double its nearest competitor in the same period. Contact enquiries@bondwolfeauctions.com or call 0121 312 1212.