Yours…for £7,500! One of Britain’s cheapest flats goes up for auction in Glasgow – but it might need a spot of refurbishment
- Flat in Port Glasgow, Inverclyde is currently one the cheapest on sale right now
- But Four Maxwell Street is a one-bedroom property ‘in need of modernisation’
- The property, being auctioned for £7,500 by Sold.co.uk, is estimated to have a rentable income of between £400-600 each month once it has been spruced up
Bargain hunters can buy one of Britain’s cheapest flats for just £7,500 – but potential buyers should be ready for a spot of DIY.
The flat in Port Glasgow, Inverclyde is currently one of the least costly properties listed for sale at the moment – costing around 97% less than the average property price in the UK.
Four Maxwell Street is a one-bedroom property that is ‘in need of modernisation’ – but could fetch a profit if resold after a few improvements.
The property, being auctioned for £7,500 by Sold.co.uk, is estimated to have a rentable income of between £400-600 each month once it has been spruced up.
The flat in Port Glasgow, Inverclyde is currently one of the least costly properties listed for sale at the moment – costing around 97% less than the average property price in the UK
Four Maxwell Street is a one bedroom property that is ‘in need of modernisation’ – but could fetch a profit if resold after a few improvements
The property, being auctioned for £7,500 by Sold.co.uk, is estimated to have a rentable income of between £400-600 each month once it has been spruced up
The flat in Port Glasgow, Inverclyde is currently one of the cheapest flat listed for sale at the moment – and around 97% cheaper than the average property price in the UK
Britons looking to bag themselves a bargain will cost £237,933 less than the average British house price – currently standing at £245,433, according to the Land Registry.
If the price increases at the auction or remains the same, the buyer will pay a premium of £2,400 plus £2,500 in administration charges.
But they may be entitled to a disbursement package that may be payable to the purchaser on completion.
Images of the property valued at £7,500 shows it is in not ideal condition and in need of renovation.
A bath is shown pushed upwards in a bathroom with no sinks and a wall that entirely needs replaced.
A bath is shown pushed upwards in a bathroom with no sinks and a wall that entirely needs replaced
Pipes and plumbing are also shown sticking out.
Dirt can be seen embedded in the carpets that need replaced and the walls need a new lick of paint.
The kitchen appears fairly refurbished compared to the rest of the property.
The bargain properties are being sold off so cheaply to make way for a current regeneration project in the area by the council.
However, the front door has three wooden blocks attached which are likely to have been put in place during a quick repair job.
The auction is due to go live this week, with a starting price of £7,500 but lists their guide price at £8,000.
There is also another property in the area on the market with a starting price of just £3,000 – however it is expected to reach as much as £24,000.
The bargain properties are being sold off so cheaply to make way for a current regeneration project in the area by the council.
In 2019, a couple bought the cheapest property in Britain in Liverpool for just £1 on the Webster Triangle in Wavertree, Liverpool.
Earlier this week it was recently reported a £10,000 two bedroom house in Bonnybridge, Falkirk will be going under the hammer tomorrow.
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