This burned out Lancashire house had a record 108 bids at auction.... here's how much it finally sold for
But while the lots on offer are not always in pristine condition, bidding can get competitive for homes that catch buyers' eyes.
This is especially the case when savvy bidders spot an opportunity to renovate and restore a property to its former glory - either to live in or to sell on for a tidy profit.
This home in the popular village of Cockerham, Lancashire, which has been damaged by fire, proved a huge hit when it went under the hammer in an Auction House online sale earlier this week.
The four-bed property was listed with a guide price of £46,000, but rocketed far above that after receiving the highest-ever number of bids the auction house has ever seen.
Nine bidders competed for the three-storey detached home, racking up 108 bids between them and smashing through the previous record of 80.
In the end, it sold for more than three and half times its guide price at £168,000.
For those who can see past the damage, the property offers a spacious entrance hall, large living room, kitchen, utility room, WC and conservatory on the ground floor.
There was a three-car garage, which was heavily damaged in the fire. A similar structure can be recreated if needed.
On the first floor, there are four bedrooms including one with an ensuite, and a family bathroom. There is also a loft room which was previously used as storage space.
It is located on a corner plot, and has gardens to the side and rear.
The new owner could redevelop the existing property, if it is safe to do so, or knock it down and build something new.
They will need to secure planning permission with the local authority before making any major changes.
Extent: The kitchen appears to have suffered the worst of the damage in the fire
Why was the house so popular?
The village of Cockerham is small, with a population of less than 700 - so this property represented a rare opportunity to get a foothold in the area.
Boasting picturesque country views, it is located about 8 miles south of Lancaster, and in close reach of coastal towns such as Heysham and Morecambe.
According to Visit Lancashire, Cockerham 'boasts a superb restaurant, public house, farm shop and ice cream outlet' as well as am active parish hall, caravan parks and holiday homes.
It has popular walking routes as well as parachute jumping and cycle rental.
According to Rightmove, homes in Cockerham sold for an average of £182,667 over the last year, more than the £168,000 auction sale price - though this figure is probably based on just a handful of sales, and we don't know what type of homes they were.
Other four-bed homes in the same postcode have sold for as much as £420,000 in the last year, though much will depend on their condition.
Oliver Prior, national commercial director at Auction House, said that the chance to redevelop the property had caught buyers' attention.
'The generation of 108 separate bids for a fire-damaged property reveals the appetite of buyers for development projects that offer significant value-add opportunities.
'It also shows the excitement and energy that can be created on an online platform, which is going from strength to strength as its popularity builds.'
As a whole, the total sales at the online auction on 28 and 29 July also broke the company's previous record.
Some 90 lots went under the hammer and sold for a total of grand total of £4.28million, beating the £3.95 total from February.
Family home? The property has four bedrooms upstairs, as well as a further loft space
Best mortgage rates and how to find them
Mortgage rates have risen substantially over recent years, meaning that those remortgaging or buying a home face higher costs.
That makes it even more important to search out the best possible rate for you and get good mortgage advice, whether you are a first-time buyer, home owner or buy-to-let landlord.
Quick mortgage finder links with This is Money's partner L&C
> Mortgage rates calculator
> Find the right mortgage for you
To help our readers find the best mortgage, This is Money has partnered with the UK's leading fee-free broker L&C.
This is Money and L&C's mortgage calculator can let you compare deals to see which ones suit your home's value and level of deposit.
You can compare fixed rate lengths, from two-year fixes, to five-year fixes and ten-year fixes.
If you're ready to find your next mortgage, why not use This is Money and L&C's online Mortgage Finder. It will search 1,000's of deals from more than 90 different lenders to discover the best deal for you.
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