A semi-detached Bristol house is up for auction at a fraction of the average cost in the city. However, there is a catch that will rule out many prospective buyers.
The two-bedroom house in Knowle West is being listed by two agents on Rightmove, and is set to go under the virtual hammer next week. It has a guide price of £100,000, which seems a bargain for anyone familiar with the ever-rising price of property in Bristol.
According to Zoopla records from the past year, the average price of a semi-detached house here cost £380,000. In the BS4 postcode area, which also includes other neighbourhoods like Knowle, Brislington and St Anne's, the average price was just over £330,000.
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To see a house listed for less than a third of that price naturally might make a prospective buyer suspicious. The guide price for the home in Stainer Close is in part due to the property being sold "with tenant in-situ", making it a buy-to-let opportunity for a landlord rather than somewhere the buyer could move in themselves straight away.
Leaders property agents advises: "When a property is offered for sale with a tenant in situ, it means there is already a tenant living in it. Depending on the terms and conditions of the tenancy, the tenant will be entitled to continue to live in the property even after it has been purchased by a new owner. The change of ownership does not override the tenancy agreement and the tenant’s rights."
The Rightmove listing confirms: "Seeking landlords looking to add to their portfolio only, with long standing tenant in situ, this two bedroom semi-detached house in Knowle West has been priced to sell."
Downstairs there is an entrance hall, storage space and an L-shaped kitchen, dining and living room area, while upstairs there are two double bedrooms, a shower room and WC. At the back of the property there is a gravelled driveway behind double gates, a small patio area and a storage shed. The prospective buyer can expect an income of £725pcm in rent, the agents say.
Details and images are included in the agent's brochure. It is set to be auctioned online on Wednesday, October 19 from 1pm.
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