Liverpool flat up for auction - for £1

The exterior of the flat
The exterior of the flat

A one-bedroom flat in Liverpool is set to go under the hammer later this month with a guide price of just £1.

Within the range of any first-time buyer - or even a six-year-old with a bit of spare pocket money - it could be the cheapest home in Britain.

The ground floor flat, in Crosfield Close near Wavertree Botanical Gardens, needs a fair bit of work. But it has a good-sized bedroom, a small lounge, a separate kitchen and bathroom. There are communal gardens and off-street parking outside.

The kitchen
The kitchen

"The property location offers easy access to local amenities, local schools and recreational facilities," say agents SDL Graham Penny.

"Easy access to public transport links to surrounding areas and Liverpool city centre, Royal Liverpool University Hospital and surrounding universities."

The flat is up for auction on Thursday 24th November at Leicester City Football Club, at 11:30am.

It was last on the market a year ago with a list price of £50,000, and was eventually sold to online house buying company House Buy Fast, which has now put it on the market again.

And it's unlikely to go for the £1 guide price this time round, with similar flats in the street selling for around £150,000.

However, the flat needs a lot of work, expected to cost several thousand pounds, and this is likely to keep the price comparatively low.

The interior of the flat
The interior of the flat

There's no doubt that auctions can often offer massive bargains. In the last year or two, several properties have been advertised with a £1 guide price and have sold for between £10,000 and £20,000 - way below the prices for similar properties sold through estate agents in the usual way.

However, buying at auction has its risks. You'll need to have carried out legal checks and had a survey conducted before bidding, and if you fail to bag the property, that's money down the drain.

You'll also need to have a 10% deposit ready to pay on the day of the auction, with the rest within 28 days - although if you really do manage to bag a £1 property, this won't exactly be difficult to manage.