A three-bedroom detached cottage in the village of Moniaive, Dumfries and Galloway, is to be auctioned with a guide price of just £5,000. Auction House Scotland is handling the sale, with the property described as a "fantastic builder/developer opportunity" for the right buyer.
The cottage requires extensive renovation work. Currently, it comprises an entrance hallway, lounge, kitchen, three bedrooms and a shower room. Auction House Scotland notes that similar properties in habitable condition have been valued at upwards of £200,000.
However, those considering buying the home as a low-cost "fixer-upper" may wish to think twice, even at such a low price. The number of homes being bought, renovated and quickly resold — known as flipping — has fallen sharply in recent years.
According to figures from Hamptons International, more than 60,000 homes a year were flipped in England and Wales in 2004, at the height of the property boom. Last year, only 18,630 were sold in this way, a drop of 69% over 14 years. The auction is due to take place in Glasgow in September.
