BORED Brits are bidding for cheap houses in Homes Under the Hammer-style auctions as they are forced to stay indoors due to coronavirus.
Bargain hunters inspired by daytime telly appear to be using the cash they would have spent on summer holidays and new cars to invest in ‘doer uppers’ to sell on or rent.
⚠️ Read our coronavirus live blog for the latest news & updates
Property auctions have seen remote bids soar by 700 per cent during the national crisis with lots selling for 15 per cent more than the guide price.
One auction for a two-bed house in Cardiff listed at just £1 sparked a bidding war from thousands of potential investors without a single viewing.
SDL Auctions, which regularly features on Homes Under The Hammer cannily switched to online auctions as the lockdown hit and has seen a surge in interest.
A whopping £7.1m has been raked in for sellers in three regional auctions – and it is expected this figure could soar with a national sale taking place next Thursday.
SDL Auctions managing director and auctioneer, Andrew Parker , said: “These are weird times and you never know how people are going to react to a new approach to something like auctions, which is quite traditional.
“The numbers are higher than we thought and it’s great to see at least one part of the property market bucking the trend.
“A lot of people are worried about the impact coronavirus is having on the economy and we’re already hearing talk of record job losses and the ‘long road to recovery’.
“We’re seeing a lot of individuals taking the money they were due to spend on big family summer holidays or a new car and ploughing that into ‘doer uppers’ where they have a great chance of maximising their return on investment and earning a decent second income.
Give now to The Sun's NHS appeal
BRITAIN’s four million NHS staff are on the frontline in the battle against coronavirus.
But while they are helping save lives, who is there to help them?
The Sun has launched an appeal to raise £1MILLION for NHS workers. The Who Cares Wins Appeal aims to get vital support to staff in their hour of need.
We have teamed up with NHS Charities Together in their urgent Covid-19 Appeal to ensure the money gets to exactly who needs it.
The Sun is donating £50,000 and we would like YOU to help us raise a million pounds, to help THEM. No matter how little you can spare, please donate today here: www.thesun.co.uk/whocareswinsappeal.
“It’s also inevitable that if you’re stuck at home all day watching shows like Homes Under the Hammer, you’re going to be tempted to have a go for yourself.”
Lots up for grabs at SDL Auctions’ national property auction on April 30 include five lock-up storage pods in Blackburn with a guide price of just £1.
Others include a two-bedroom flat in the seaside town of Mablethorpe with a guide price of £15,000 but potential rental income of £450 per month, and a three-bedroom semi in Wolverhampton with a guide price of £25,000.
CORONAVIRUS CRISIS – STAY IN THE KNOW
Don't miss the latest news and figures – and essential advice for you and your family.
To receive The Sun's Coronavirus newsletter in your inbox every tea time, sign up here.
To follow us on Facebook, simply 'Like' our Coronavirus page.
Get Britain's best-selling newspaper delivered to your smartphone or tablet each day – find out more.
Source: Read Full Article