A FAMILY home has a rare reserve price of nil at auction.

The unusually priced lot is a three-bedroomed, mid-terraced house at 97 Wellington Street in Millom.

The freehold property has a nil reserve price because it is currently vacant and needs renovation, although a house just three doors away sold for £39,500 back in March 2015.

Gurpreet Bassi, chief executive of Bond Wolfe Auctions, said: “It’s highly unusual to start auction lots with a reserve price of nil.

“The house has been given a rock-bottom reserve price because it is in need of some serious works, although a new owner could quickly create a decent place to live in or rent out.”

Mr Bassi explained that while reserve prices of nil meant that there was no minimum price, prospective owners would still have to pay the standard auction administration fee of £1,074 including VAT for each property.

It is being sold at Bond Wolfe Auctions’ next auction in Birmingham on Tuesday 10 September.