A COTTAGE ravaged by fire and ruined by rubbish has sold for DOUBLE the asking price after nearly 100 bids at auction.
The kitchen floor is hidden under mounds of rubbish whilst every inch of counterspace is covered in crockery and old electrical wires.
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The uninhabitable Newport property featured large holes in the ceiling, unpainted walls and an overgrown jungle for a back garden.
However, bidders at Paul Fosh Auctions clearly saw the property’s potential and it sold for £114,500 after 78 bids and a starting offer of £50,000.
Gemma Vaughan, who works for Newport-based Paul Fosh, said: “Bids flooded in from the word go with potential buyers keen to put their mark on this dilapidated and fire-damaged property.
“Despite the property requiring full renovation inside and out, it created a high level of interest ahead of the sale which was carried on throughout the three days of the auction.”
The layout of 8 Victoria Avenue, Maindee, includes two reception rooms, a kitchen, shower room and two bedrooms, with a sizeable garden.
“Once refurbished it will make a lovely home or a buy-to-let property in this desirable part of the city,” Ms Vaughan added.
She continued: “Properties in good order in this part of Newport, just a mile from the centre of the city and a short drive to the M4, can achieve in the region of £800 to £900 per month rental.”
Another crumbling home sold for £32,000 at Paul Fosh Auctions this month.
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The three-bedroom house was considered a major “renovation project” but still attracted 60 bids.
In Hull, East Yorks., bidding opened yesterday for a two-bedroom home at just £5,000, but there was a big catch.
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