Missed out on the first £10 house? Here’s your second chance!

If you missed the opportunity to bid on the first £10 house on Leeson Road, Isle of Wight, you’re in luck! Another house on the same street has just been listed with us, with a starting bid of only £10. This is a rare second chance to secure a coastal property at a bargain price. This unusual property, located in an area affected by a cliff collapse on 10 December 2023, presents a mix of challenges and potential for the right buyer, making it an intriguing prospect in the property market.

This newly listed property, a three-bedroom house located in Watch Zone A, is part of an area impacted by the cliff collapse in December 2023. The property includes a conservatory that appears to have sustained some damage; however, the main structure remains intact, making it an intriguing investment opportunity for those interested in a coastal home with potential.

The house is situated in a neighbourhood currently undergoing stabilisation efforts, with ongoing monitoring to assess future access. While immediate occupancy may be dependent on these efforts, the property’s current condition and intact garden make this a compelling option for those who missed out on the first auction.

Despite these challenges, the house represents an exciting opportunity for brave buyers who have a vision. The £10 opening bid reflects the unique circumstances of the property, but it also highlights the potential for a significant return on investment for a buyer prepared to navigate the hurdles associated with the site.

Daniel Gale, Head of Auctions at First for Auctions, commented, “After the successful sale of the first property, we’re excited to offer another £10 house on Leeson Road. This home offers an incredible opportunity for buyers to invest in the area. While there’s some work to be done, the property’s potential speaks for itself, and the £10 starting bid opens the door to a great investment.”

With the first house already sold, this new auction presents what could be the last chance to secure a home in this desirable coastal area at such a low starting price. Buyers are encouraged to act quickly to register their interest in this unique opportunity.

The auction will be held online on 31 October 2024, and interested buyers can register for the lot here.