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Friday, April 16, 2021

Yours…for £7,500! One of Britain’s cheapest flats goes up for auction in Glasgow

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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

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 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

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

A bath is shown pushed upwards in a bathroom with no sinks and a wall that entirely needs replaced

The front door has three wooden blocks attached which are likely to have been put in place during a quick repair job

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

The auction is due to go live this week, with a starting price of £7,500 but lists their guide price at £8,000

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.

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.

This post was first published on DailyMail.

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