A two-bedroom flat in New Cumnock, East Ayrshire, was put up for auction this June for the head-turning guide price of £4,995.
Similar properties in the area would cost £30 000, making the guide price that of a small car and a surprising fraction of the normal cost.
However, the property is said to need a complete renovation after a pipe burst in the flat above it, causing water damage. Having recently refurbished it before the incident took place, the owner decided they did not want to take up the project again.
The flat is still considered a bargain; the damage is quite superficial, according to Mandi Cooper of Auction House Scotland, who said that the the work needed is ‘very cosmetic’ instead of the ‘extreme damage’ usually expected to be seen for the price.
It would be a great chance for new investors, she added, and an ‘ideal opportunity’ for those wanting to give property development a try since the cost is low and there is nothing to ‘lose out’ on. She called it a ‘real bargain’ and an affordable chance for the price.
She further suggested that depending on the individual’s experience, the flat could be worked on within four weeks and for around £10k, and could be a ‘fantastic’ resale or buy-to-let property.