Table of Contents
- Auction Properties in Inverness
- Property prices in Inverness and surrounding areas
- Auction Properties in Inverness FAQ
- Where should I look for auction properties in Inverness?
- What kind of auction properties in Inverness should I look for?
- 5 reasons to buy auction properties in Inverness
- Conclusion about buying auction properties in Inverness
Auction Properties in Inverness
Buying auction properties in Inverness, Scotland
The fact that it is Scotland’s fastest-growing city with a sharp increase in population of nearly 20% clearly illustrates the degree of interest in buying auction properties in Inverness. Located on the mouth of the River Ness and close to the Moray Firth, the UK’s most northern city is considered the capital of the Scottish Highlands. The Highland Council have invested a great deal of money in improving the infrastructure of Inverness including a £9-million harbour expansion.
This, in turn, has attracted more visitors to the city including regular cruise ships. Although the local economy relies heavily on tourism, there are also job opportunities there in relatively new high-tech industries. House prices have grown the most of any other Scottish city or region so buying auction properties in Inverness is the best way to save thousands of pounds.
Property prices in Inverness and surrounding areas
There are various property types in Inverness from 1-bedroom flat conversions to large detached houses with extensive grounds. On the outskirts of the city, you can also find stone-built villas, bungalows and rural cottages.
Compared to other larger Scottish cities and the rest of the UK, Inverness is much cheaper. Within the city itself, you can expect to pay the following according to property types:
- Flat – £100,000-£135,000
- Terraced house – £152,000-£160,000
- Semi-detached house – £180,000-£200,000
- Detached house – £285,000-£320,000
- Detached house (5+ beds) – £440,000-£465,000
Villages nearby such as Fortrose, Culloden and Beauly are significantly cheaper than Inverness including some properties for under £100,000 such as flats in Culloden.
Auction Properties in Inverness FAQ
How can I find auction properties in Inverness?
Property auctions in Inverness are held by auctioneers nearly every month and you can find out about houses sold at auction from local newspapers, the auctioneers’ websites or by ordering a copy of the auction catalogue.
How much are auction properties in Inverness?
An auction property in Inverness costs an average of £146,000. However, the age, size and condition of the property can either increase or decrease this amount.
Which areas are best to find auction properties in Inverness?
Apart from the city of Inverness itself, nearby villages like Culloden, Westhill and Fortrose are alternative places to look if you wish to relocate to the Inverness area.
Can I buy repossessed properties at auction in Inverness?
Yes. Repossessed properties in Inverness are often sold at auction as it is considered the fairest and most transparent way to get the best possible price for a home or business.
Where should I look for auction properties in Inverness?
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The city of Inverness has a population of nearly 50,000 inhabitants, many of whom have lived there for generations. For this reason, there are far fewer auction properties put up for sale compared to other UK cities of a similar size. Therefore, we will also consider nearby towns and villages as viable alternatives to buying an auction property in Inverness itself.
The most expensive neighbourhood to buy property in Inverness is the Crown. Located in the heart of the city close to all the amenities, this area mainly consists of larger Victorian and Edwardian townhouses. Some of them have been converted into flats but with many of their original features. Other popular areas include Ballifeary in the south west of the city. There is a mixture of housing stock here including stone-built detached villas. A semi-detached villa here costs £180,000-£215,000. A more modern neighbourhood is Holm to the south where flats start at £110,000. On the outskirts of the city is Clachnaharry. This former fishing village became part of Inverness as the city grew and features large Victorian properties as well as cottages.
Located 3 miles from Inverness city centre, Westhill is a commuter village south of the Moray Firth. It is the ideal for potential buyers who want the peace and quiet of rural life but within easy reach of a city. The population of Westhill is just over 5,000 people and community bonds are strong. The price of property is within the range of £211,000-£255,000. This is mostly for houses since there are a limited number of flats there.
Culloden is located about 4 miles east of Inverness along the A96. This village has a population of about 4,000 people and relies heavily on tourism because of its proximity to the Culloden battlefield. It has some locally run independent shops, but most people travel into Inverness for their retail needs. It has a limited number of older properties for sale as well as mainly 20th-century semi-detached, terraced houses and studio apartments. The price of property in Culloden starts from £90,000 for a 1-bedroomed flat and goes up to £250,000+ for detached homes.
Around 6 miles from Inverness is the town of Fortrose, located on the Moray Firth. It has a population of over 1,500 people and its facilities include a leisure centre and golf course. The town has a wide range of property types including large Georgian manor houses, old cottages, flats and farmhouse conversions on the outskirts of the town. A 2-bedroomed terraced house would cost around £150,000-£170,000 while villas (semi/detached) have asking prices of £240,000-£260,000.
Beauly is situated 10 miles west of Inverness on the banks of the River Beauly and has a population of nearly 1,500. The village is often used as a base for walking tours of the Highlands. It has a range of retail and entertainment facilities to cater for the tourist trade including restaurants and bars, many of which are located in and around the village square. Prices in Beauly are cheaper than Inverness and range from £100,000-£340,000 depending on the property type. The range of buildings includes spacious Victorian villas, bungalows and new builds.
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What kind of auction properties in Inverness should I look for?
Buy-to-let properties in Inverness
Considering the rapid price increases, it makes good financial sense to invest in properties in Inverness before they rise any further. A terraced or semi-detached house can be purchased in the city for £180,000-£200,000 and then be rented on the buy-to-let market. Apart from the housing shortage for young professionals and families, part of the University of Highlands and Islands is located in Inverness and has over 6,000 students. Before buying property in Inverness for the buy-to-let market, you should research the ramifications of the Scottish LBTT (similar to stamp duty) as it differs considerably from the system in England and Wales.
Commercial properties in Inverness
As the gateway to the Highlands, Inverness is often used as a base for tourists visiting major attractions such as Loch Ness, the Cairngorm mountains as well as the Moray coastline. About 4 million tourists stay overnight in the region every year so it makes sense to buy a guesthouse, B and B or small hotel. There are many opportunities if you wish to work in the hospitality industry. The price of such auction properties depends on the number of beds, how many amenities it has and whether it has been awarded any stars by tourist organisations. Prices for B and Bs in Inverness start at £270,000 (5-bed) and go up to nearly £1 million (a 10-bed guesthouse).
Retail properties for sale in Inverness
Apart from the 4 million overnight visitors to Inverness and the Highlands, another 2 million people come on a day trip every year. For this reason, buying retail space in Inverness would be another sound business plan. This would need market research to find out what visitors typically spend their money on. The price of auction retail properties depends on their footage and location. the cost varies from £45,000 (in Fortrose) to £400,000+ (the centre of Inverness).
5 reasons to buy auction properties in Inverness
Dramatic landscapes in Inverness
One of the main attractions of Inverness is that it is close to the dramatic Highlands scenery. With breath-taking views of mountains, glens and lochs, it is one of the most beautiful places in the UK.
Cultural activities in Inverness
Apart from the Eden Court theatre, cinemas and bars/pubs, Inverness also offers its residents unique entertainment options. One of the largest Highland Games is held in Inverness as well as festivals as diverse as a Tartan Festival and Inverness Jazz Festival.
Variety of outdoor activities in Inverness
Residents can enjoy a wide range of outdoor activities all year round in Inverness. These include stalking, hiking, winter sports, fishing and golf. The area around Inverness is also a haven for nature lovers including dolphins in the Moray Firth and deer and birds of prey in the Highlands.
Quality of life in Inverness
In a poll by the BBC, Inverness was found to be the happiest place to live in Scotland (and runner-up to the title of the happiest place to live in the UK). Inverness is large enough to satisfy its residents’ needs in terms of retail and entertainment facilities but not so big as to feel anonymous.
Inverness suitable for all age groups
Inverness, as the capital of the Highlands, has something to appeal to all ages from the very young to pensioners. Future planned investments in infrastructure by the Highlands Council means that things will improve even more for its residents.
Conclusion about buying auction properties in Inverness
Whether you are interested in residential, commercial or retail property, Inverness and the surrounding area has a wide range of auction lots. Inverness is the ideal location for lovers of the great outdoors. You have the option to choose how far you want to be from civilisation. From detached houses in the centre of Inverness to rural country retreats in the surrounding villages, you can be as isolated as you want. If you follow our advice on how to buy auction properties in Inverness, you can become one of these satisfied inhabitants who enjoy the mix of urban and rural lifestyles.