In a notable property auction, a two-bedroom flat in Thamesmead, South East London, sold for £117,000 despite its poor condition. The auction, hosted by Auction House London, commenced with a starting bid of £90,000, reflecting the property’s desperate need for “a full program of refurbishment.” Visuals of the flat revealed significant disrepair, including walls plagued by thick black mould, torn curtains, and missing floor tiles. Notably, the flat comes with a leasehold that has only 60 years remaining, which may complicate mortgage applications for prospective buyers.

The auction attracted considerable interest from bidders, likely drawn by the competitive price compared to the average house price in London, which stands at £685,847. The flat features a reception area, kitchen, two bedrooms, a bathroom, and shared access to a garden. A representative from Auction House London commented on the popularity of the lot, suggesting it was “an ideal auction lot to get on the property ladder and refurbish to either live or sell on.” This sentiment highlights a common trend among bidders who seek properties needing renovation as opposed to fully finished homes, which are rarely available at auction.

Across the country, a different property auction achieved a significant sale with the sale of Otterburn Hall, a Grade II listed country house located within the scenic Northumberland National Park. The 25-bedroom estate sold for £305,000, approximately £25,000 above the average UK house price. Having been disused since 2012 and needing extensive renovation, the stately home was auctioned to an unnamed private buyer during an online auction.

This Victorian country house, which sprawls across 16 acres and includes woodland and a private lake, was once operated as a hotel. Unfortunately, the building had fallen into disrepair, suffering vandalism which included damage to a piano and graffiti on walls. Auctions were expected to exceed a guide price of £220,000, and Andrew Parker, an auctioneer at SDL Property Auctions, expressed satisfaction with the outcome, remarking it was a “great result all round.”

Originally built in 1870 as a retreat for Lord James Murray, the neo-Elizabethan property has a storied past, having been requisitioned by the military during the Second World War and subsequently serving as a Christian education centre. The sale’s completion signals a new chapter for the historic property, with the new owner facing significant work to restore it to its former glory.

Source: Noah Wire Services