A two -bedroom flat with black fungus has sold for £ 117,000, even though he is in 'bad condition' and requires a 'full program of renovation'.
Photos of the building in Thapsmead, Southeast London, listed by Auction House London, show a dilapidated house filled with Scheese covered walls, missing floor tiles and torn curtains.
Located just a few minutes from Abbey Wood Station in a specially built building, the surprisingly wanted house has a dilapidated reception room, bathroom, kitchen and shared garden access.
Initially mentioned with a low guide price of only £ 90,000 because of its poor condition, it was quickly picked up by sharp homeowners.
In addition to experiencing serious fungus, a played ceiling and advanced neglect, the flat has only 60 years left on its leasehold, which means that his new owners can also have trouble obtaining a traditional mortgage and sell it on real estate.
The auction was therefore enormously dependent on buyers of cash who could complete on the unusual property within a period of six weeks and were willing to overlook his expired state.
But bidders seemed quite not to be found because of the abundance of challenges at the expired real estate, with the unique build for £ 27k more than the asking price.
A two-bedroom flat with black fungus in Thamashead, Southeast London, has sold for £ 117,000, even though he is in 'bad condition' and requires a 'full renovation program'
Initially mentioned with a low target price of only £ 90,000 because of its poor condition, the property was quickly arrested by avid homeowners who did not seem to be due to his challenges
Although apparently unusual, a spokesperson for the London auction house said that they were 'not too surprised' that the flat had 'proven' a 'popular lot in our auction'
| Rank | Local authority | Complaint |
|---|---|---|
| 1 2 3 4 5 6 7 8 9 10 |
Herringey Hammersmith and Fulham Lam Lewisham Cam Islington Southernwark Adur City of London Lewes |
30.71 29.07 26.83 25.86 16.96 16.09 16.01 15.21 14.35 14.04 |
| Source: FOI/Regulator of social housing data collected by USWitch | ||
Although apparently unusual, a spokesperson for the London auction house said that they were 'not too surprised' that the flat had proven a 'popular lot in our auction'.
Explaining that the neglected house offers a unique investment option, they added: 'This is an ideal auction party to step on the real estate ladder and to renovate to live or sell.
“Many people want to buy an auction to get a home they can work on, and that is why end users are not often found in our catalogs.”
Babek Ismayul, founder and CEO of Home Buying Platform Onedome, however, fears that although such surprising real estate sales 'appears to be a bargain', it actually reflects a broader issue of an 'extreme affordability crisis' for buyers.
In conversation with Walesonline, he said: 'This real estate was sold at an auction, which means that it probably attracted cash buyers. Mortgage leaders will usually not approve loans for property without a working kitchen, because they are considered uninhabitable. '
Located just a few minutes from Abbey Wood Station in a specially built building, the surprisingly wanted house has a dilapidated reception space, bathroom, kitchen and shared garden access
Babek Ismayul, founder and CEO of Home Buying Platform OneDome fears that such a real estate sales reflect a broader issue of an 'extreme affordability crisis' for buyers
It comes when 60 percent of the English inhabitants have reported in their homes, according to research of January this year by comparison service USWitch (depicted: the outside of the property)
It comes as 60 percent of the English inhabitants have reported in their homes, according to research from January this year by comparison service USWITCH.
In addition, eight of the ten of the local authorities came with the most fungal complaints from London, with Haringey, Hammersmith and Fulham and Lambeth who claim the top three places.
A spokesperson for the USWitch said: 'This problem includes all types of homes, from ownership houses (43 percent) to private property rented property (28 percent), and even local authority (16 percent) and housing association (12 percent).
“Almost everyone who said they experienced fungus also stated that paying for sufficient heating was a fight at that time.”
