Exploring the journey of a property which was brought to auction midway through development.
Publish Date: 11 September 2023
By Jade Shrubsole
Further reading
There can be several reasons why a property is offered at auction halfway through development or at a point where it is not completed. These reasons can vary widely depending on the specific circumstances of the property and the owner's situation.
The owner may have faced financial challenges, legal issues, or a change in priorities. If such issues arise during the development process, making it difficult or impossible to complete the project, the property may be auctioned off. Auctions offer quick sales, which is what an owner may need if they have come into financial difficulty. Depending on the current state of the property, it can be common that an owner will call for cash buyers only, as not all mortgage companies will lend on uncompleted or unhabitable properties.
In a recent case study, we saw a property 'Lot 97' offered to auction by Clive Emson auctioneers on February 9, 2022. The property was offered in need of completion and further improvement works with a Guide Price of £480,000-£500,000. The property sold under the hammer for £486,000.
Photos below show the property at the time it was offered at auction:
Later in April 2023, the property was sold for £760,000 following the completion of the outstanding work. An uplift for this developer of £274,000!
See below the finished project:
Unfinished properties are often seen going to auction due to the speed at which transactions can be made, and the fact that auctions are a great place to find cash buyers.
It's essential to research the specific circumstances surrounding any property being offered at auction halfway through development or before completion. Potential buyers should conduct due diligence to understand the property's history, condition, and any potential challenges or liabilities associated with it. Consulting legal experts can provide valuable insights and guidance in such situations.
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