IT’S A BARGAIN! CHEAPEST PROPERTY IN COVENTRY GOES UNDER THE HAMMER
Potential investors and first-time buyers will have the opportunity to capture a bargain this July when the cheapest property in Coventry goes under the hammer at this month’s Loveitts auction.
The Coventry-based estate agents will be auctioning off the 3-bed property, situated in Branstree Drive, Holbrooks, at Coventry’s Village Hotel, Canley, on Wednesday 18th July
With a guide price of £30,000-£40,000, the maisonette, which has a short lease with 46 years remaining, is currently the cheapest house in Coventry and is a perfect opportunity for buyers looking for a challenge or an excellent investment opportunity.
The 3-bedroom duplex maisonette – which sits just 2 miles outside the city centre – requires decoration work throughout, in the kitchen and bedrooms.
Experts at Loveitts believe that this property will be a huge hit at the auction because of its low guide price, making it a unique investment opportunity for the right buyer.
Loveitts Director and Auctioneer, Sally Smith said: “This is a fantastic opportunity for either first time buyers who are prepared to take their first steps on the property ladder, or those who wish to make an investment that has the potential to make a promising return.
Not only is this the cheapest house in Coventry, it’s one of the cheapest properties in Warwickshire. This is an incredibly rare opportunity which doesn’t come around often, so we are delighted to have the chance to sell this 3-bedroom maisonette at our auction this month.
“Some renovation work is required, but with the right buyer it could be made it into an excellent investment opportunity or a comfortable home in which to live.
The maisonette features 3 bedrooms, a lounge, kitchen facilities and a bathroom.
The popularity of auctions has grown substantially over the last year with more vendors opting for this method of selling and buying properties.
Sally added: “The increasing number of people who are attending our auctions is a statement to their success and the confidence amongst our vendors who opt to sell their house by auction rather than going down the traditional route.
“Our auction this month with 32 lots is a record and has something for everyone including two pubs, some fantastic land opportunities, a retail unit and a range of properties and investment opportunities. It is a diverse mix which should create some exciting bidding activity on the night.”
The Leasehold Reform (Ground Rent) Act 2022 effectively abolishes ground rents under new long residential leases (i.e., leases with a term of more than 21 years) that are granted for a premium. The Act received Royal Assent on 8 February 2022 but has not fully come into force yet. It forms a vital part of the Government's agenda for leasehold reform is described as part of the most significant changes to property law in a generation.