My wife and I are looking for a run-down derelict property to renovate ourselves. Estate Agencies do not seem to have these types of properties on their books. How do we go about finding one within a 50-mile radius of Cardiff?

The main problem you have is that you are, of course, competing with builders and tradesmen who are constantly on the look-out for this type of property to add to their portfolios!

In view of the fact that derelict properties are unsuitable for lending purposes these properties are only attractive to a small percentage of the market who can afford to purchase them, often in cash, or by securing the necessary borrowing against their existing property portfolio.

Agencies instructed in the sale of such properties will usually have a list of contacts who they will approach to establish any interest and, in some cases, it may well be that these properties never actually make it on to the open market.

On a positive front, if you are looking to purchase such a property either in cash or on the strength of offering another property as security for a loan, in the current economic climate less “punters” are active in the marketplace due to the fact that lending facilities have been severely restricted with banks tightening their lending terms for property speculators.

For all of these reasons the best place to find such a property may remain at Auction although the risks associated with buying at Auction are increased when dealing with derelict and run down properties.