Millions worth of property in Midlands to be auctioned

Houses going into an auction in BUlwell, NottinghamHouses going into an auction in BUlwell, Nottingham
Houses going into an auction in BUlwell, Nottingham
More than a million pounds worth of property in the Midlands is to be sold on an online auction next month.

Eight commercial and residential properties in Derbyshire, Nottinghamshire, Leicestershire and Staffordshire are being offered to investors with prices ranging from £35,000 to £400,000 through John Pye Property Auctions.

The Nottingham-based company is the UK’s only auction house to manage all property sales digitally.

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Richard Reed MRICS, head of property, said: “This property auction is offering some exciting investment opportunities for anyone looking to grow their portfolio in the Midlands.

“Just three miles from Nottingham city centre, four Edwardian town houses have been converted into seven flats and one retail unit offering a potential rental income of more than £40,000 annually.

“We’ve seen a surge in the number of buy to let properties being sold prior to the increase in Stamp Duty, which will come into force in April 2016 yet many of our residential lots fall below this threshold.”

The trend for buying property online has seen a surge in the national auction house’s property division since it launched in 2014 and has offered more than £35 million worth of commercial and residential property to date.

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Richard added: “More and more vendors and buyers are waking up to the online property auction method.

“We recorded a staggering 350 per cent increase in lots sold within a year and have had to increase the number of auctions in our calendar.

The auction will take place online on March 1-2.

View the buyer’s guide online here.