Property auction bargain: buyer picks up plot of land...

A parcel of land recently sold under the hammer for just £51, showing that 'no reserve' rules mean buyers can pick up bargain lots if they do their research.

The land, situated in Reigate, Surrey, was purchased as part of Network Auctions' latest online sale, which took place on May 21.

It comprises 0.62 acres of highway, paths, verges and part of a roundabout in the popular residential area.

The auctioneer provided a note of caution to prospective investors, informing them that the lot included land that is 'publicly adopted'.

The buyer will now have to make their own enquiries about what they can do with their new acquisition, but they clearly think it has potential.

Another standout lot from the sale was a three-bedroom house in Bradford, which sold for £68,750 off a guide price of £40,000-£50,000.

The property, which Network Auctions says attracted a lot of early interest, was subject to a whopping 81 online bids before the virtual gavel finally came down.

Tony Limbrick, auctioneer at Network Auctions, describes the house on Fagley Road as 'habitable' but 'dated' and in need of 'refurbishment'.

"It was a property that hadn't been touched for years. We had strong pre-auction offers, but we advised the seller to stick to the virtual room. We're delighted to have achieved 72% above the lower guide price," says Limbrick.

The property auction expert adds that the market remains ‘active’ all over the country.

"We’ve seen an increase in demand for higher yielding residential lots because money in the bank is yielding so low, investors want more than £1,000 for every £100,000 and with property they can achieve that."

Network Auctions' next sale takes place on July 15.