Britain’s cheapest house has gone up for auction, reports The Daily Mail‘s Simon Tomlinson. Paul Fosch Auctions is asking just GBP 7,000 for the home, which is a classic “fixer-upper.” Still, hopeful expat property moguls should think twice about placing a bid in tomorrow’s auction.
According to Paul Fosch’s Heidi Wangemann, the interior is a mess–so much so that the company hadn’t been able to make a full assessment of value. On top of that there are apparently still signs up warning any tenants to destroy rats.
Tomlinson quoted Nigel Lewis, property analyst at Findaproperty.com, who said:
Anything under a £30,000 asking price means there must be something horribly wrong with it. These are desperation homes. The bricks and mortar may be worth more than £7,000, but these houses are often in areas cut off from the economy.
Lewis estimated the house may need upwards of GBP 50,000 in work just to make it habitable. Still, he concluded, there could be value in it for the right investor. “Even if the total cost ends up being £50,000, they may be able to rent it out for £300-400 a month and still make a good return,” he told The Daily Mail.