House-hunting? Check out these fantastic five for under £50k

Amid media reports about property affordability, SDL Auctions Graham Penny is keen to prove you can buy a home in Derby for much less than you’d expect – if you buy at auction and are prepared to get your hands dirty.

After Zoopla’s latest figures revealed that in a typical city a first-time buyer needs to earn an average of £54,400 before they can get on the housing ladder, the auctioneer has released a list of five homes in Derby with a *guide price of less than £50,000.

They all feature in the auctioneer’s latest catalogue, which has been published ahead of its next auction at Pride Park Stadium, Derby, on Thursday 25 July. They are among 68 lots of all types in the catalogue; 56 which will be sold at the auction and a further 12 properties being sold by online auction.

Robert Stone, head of auctions East Midlands at SDL Auctions Graham Penny, said: “The media have leapt on the figures from Zoopla, which claim you need a big salary to get on the property ladder – but that doesn’t have to be the case at all. As our catalogue shows, if you’re prepared to buy small – or to take on a renovation project – there are properties available for a fraction of the average**.”

Take a look at the fantastic five from SDL Auctions Graham Penny:

Flat 14 Sidney Houses, Church Street, Littleover
It’s rare to find a flat with a garage but this two bedroomed property with a guide price of £28,000+ has both a single garage and off-road parking. The leasehold flat is on the first floor, is gas centrally heated and has a living room, kitchen, two bedrooms and a bathroom. There is a tenant living there, but there is no tenancy agreement.

82 Keldholme Lane, Alvaston
Small but smart, this one bedroomed ground-floor studio flat within walking distance of shops has a guide price of £35,000+. Entered via a communal hallway, the leasehold flat features a lounge/bedroom with an opening through to a kitchen, a walk-in dressing area and shower room. Outside there are communal grounds and the flat has an allocated parking space.

198 Harrington Street, Derby
There are houses in the sub-£50k budget, too, if you’re prepared to carry out modernisation work. This two bedroomed end-terraced property sits on a corner plot within a short commute of the city centre and has a guide price of £30,000+. It has uPVC double glazing and on the ground floor features a lounge/diner and kitchen, while upstairs are two double bedrooms and a bathroom. It has a low-maintenance rear garden.

139 Nottingham Road, Borrowash, Derby
One of two adjoining character properties in Borrowash, this two double-bedroomed late Victorian terrace requires improvements throughout but still retains some period features including ceiling mouldings and sash windows. With a guide price of £45,000+, the house has part double glazing and comprises a lounge, separate dining room and fitted kitchen on the ground floor, with a landing, two double bedrooms and bathroom upstairs. Outside there is a rear yard and garden.

141 Nottingham Road, Borrowash, Derby
Next door, also with a guide price of £45,000+, is a very similar two bedroomed property which has the addition of a detached garage to the rear of number 135.

Robert added: “As you can see, there are properties out there – both flats and houses – for those with smaller budgets, although it must be remembered that these prices are just a guide.”

He also issued a word of caution to anyone considering buying at auction for the first time: “Auction is quite different to buying property by private treaty. You need to get finance such as a mortgage in place before bidding as completion usually takes place within a month of the auction. You’ll need a deposit ready, too, because as soon as the hammer falls, contracts are exchanged and the winning bidder must pay a 10% deposit, with a minimum of £5,000.

“It all happens very fast – but it is this speed and transparency which people appreciate as it cuts out any hassle or the potential for long delays. You could be living in your new home, or beginning its transformation, before the end of the summer.”

SDL Auctions Graham Penny’s next Derby auction takes place at Pride Park on Thursday 25 July. To find out more about any of the properties, or to learn more about bidding online, by phone or by proxy, click here.