A one-bedroom property in Potternewton, Leeds, is one of the latest to go on the market with a starting bid fixed at just £1.

Hosted by outsourced auction management provider, IAM Sold, the auction will be held at the Best Western Cedar Court Hotel in Bradford on November 29 2017.

The stone built mid-terraced house dates back to the 1730s and was purchased for £4,000 in 1973. The owners who bought it then have owned the property ever since.

While maintaining many original features, the home requires full modernisation, with the potential for a second bedroom. The cellar could be redeveloped to create a modern dining/kitchen room, as well as a private rear courtyard/garden.

Bids for the property can also be placed online via the Modern Method of Auction – otherwise known as a conditional auction.

Managing director of IAM Sold, Jamie Cooke, commented: “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 currently sold for £200,000.”

“The vendor is very keen for a speedy sale on the property, hence deciding to start the bidding at £1.”

Cooke anticipates fierce bidding for the property, particularly with its online market presence, which he believes will attract a lot of interest. This approach allows buyers to view, bid and purchase online.

He added: “The fact that it provides nationwide exposure 24 hours a day, seven days a week allows the best opportunity to sell a property for maximum value, and offers the same guarantees that a live auction provides.”