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Preston £1 house goes under the hammer for £45k

The property in George Street, Preston which went under the hammer
The property in George Street, Preston which went under the hammer
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It was a case of in for a penny, in for £45,000 after a house in Preston on sale for just one pound soared at an auction.

The property, 27 George Street, had been vacant for decades before it was auctioned off.

It could have been sold for as little as a penny because it had to sell.

Stephanie Bowman, administrator at Auction House North West, said: “It sold for £45,000 in the end.

“It could have gone for a penny. It was a surprise that it sold that high, we were thinking around the £20,000 mark but there was overwhelming interest.”

The house, which is boarded up, was sold at the auction at the Macron Stadium in Bolton on July 26.

“It was packed, it was standing room only,” said Stephanie of the auctioneers in Garstang Road, Fulwood. “There were all sorts of people there, lots of investors.

“We know it’s been empty for a good number of years - probably decades. It’s bordered up so we didn’t even go inside ourselves. We don’t know the owners. We have scant information on the property.

“Homes Under the Hammer was there as well to film and that’s always exciting as well.

“This one was a bit out of the ordinary, there’s no access. Who knows what is behind the front door. We usually sell properties which need a full renovation but this one is a step further.”

Asked whether Auction House North West had ever sold a property with such a big price jump Stephanie said: “Definitely not - not for a nil reserve which means it can literally sell for a penny.”

A nil reserve auction, also known as an absolute auction, is an auction in which the item for sale will be sold regardless of price.