Blog Post

No Reserve & Opening Bid of £1

Publish Date: 05 February 2024

By Jade Shrubsole

Share:

No Reserve & Opening Bid of £1

Further reading

Buying at auction for the first time...

Auctions have become a prominent avenue for the sale of development sites

A lot with no reserve will always attract attention. And this particular lot in Wales offered by Seel & Co auctioneers had a starting bid for of £1... (Lot 32)

It's not a house or one of the retail units up for sale, it's the parking lot at the front of the stores, plus a smaller one at the rear. The two car parks are going to auction with an opening bid of £1 with no reserve, meaning if you are the only bidder the two spaces are yours. Seel & Co have stated that the freehold parking areas adjacent to a busy shopping precinct 'may be suitable for development, subject to consents'.

It is of course vital that any prospective bidder researches the lot thoroughly, as extra information in the special conditions of sale reveals that there is a buyer's premium of 1.2% with a minimum of £1,200, payable on exchange of contracts. The legal pack should always be inspected for any further disbursements to be paid by the purchaser on completion.

We have covered the topic of what to look out for when reading a legal pack before in a previous blog post here.

Essential Information Group - News and Information

Keep up to date with our latest news, case studies and what's going on in the property auction industry on our blog.

Why the Property Auction Market is Booming Due to Stamp Duty Changes

Buying at auction

20/03/2025

Why the Property Auction Market is Booming Due to Stamp Duty Changes

The UK property auction market is experiencing a surge in activity in March 2025, driven primarily by impending changes to stamp duty regulations

Who Can Benefit from Buying a Property at a UK Property Auction?

Buying at auction

27/02/2025

Who Can Benefit from Buying a Property at a UK Property Auction?

Buying a property at a UK property auction can be advantageous for various buyers depending on their financial situation and goals. Auctions often offer unique opportunities, discounted properties, and a fast purchase process. Here’s who can benefit the most.

Bridging Loans Explained: A Guide for Property Auction Buyers

Buying at auction

24/02/2025

Bridging Loans Explained: A Guide for Property Auction Buyers

A bridging loan is a short-term financing solution, typically lasting up to 12 months. It provides immediate funds to bridge the gap between purchasing a property and securing long-term financing.

View News & Blog