economy
A house for £1? What a day at a property auction taught me about the UK housing crisis
Some of the homes have been repossessed, while others are being sold off by debt-laden housing associations. Who buys them – and who will end up living there?
TL;DR
- Property auctions are a significant part of the market, with nearly £5.9bn in sales in 2025.
- Repossessed homes constitute over 20% of the auction market, fueled by rising interest rates and the cost of living.
- Auctions are attracting a wider range of buyers, including young people and first-time buyers seeking property in supply-short areas.
- Some properties, like a boarded-up home in North East England, had guide prices as low as £1.
- A buyer's experience highlights the risks of purchasing 'as seen' at auction, with unexpected structural issues leading to significantly increased renovation costs.
- The practice of councils buying low-value homes in deprived areas to house families relocated from other regions is detailed, raising concerns about community impact and public funds.
- Reform UK gained control of Durham County Council on a platform critical of such housing policies.
- Despite challenges, buyers like Alice Helps still see potential for profit in auction properties.