A flat branded the 'cheapest in Edinburgh' has sold at auction for well over the asking price.
According to Auction House Scotland, who were selling the home, there was 'fierce competition from bidders'. The flat, which is a one-bedroom flat in Dalry, was going under the hammer with an opening bid of £79,000.
The property sits in a 'great' location, though came with one catch - it requires a 'full refurbishment'. At the auction, it sold for £130,000 which is £51,000 over its starting price.
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Auction House Scotland said 100 per cent of the 38 lots listed sold at their auction, despite sigs the market had fewer buyers. Regardless of a slowing market, Mandi Cooper, Managing Director for Auction House Scotland, said: “Achieving a 100 per cent sales success rate at our May auction is a testament to the hard work of our team and the professional service that we offer at Auction House.
"These remarkable results build on our previous two in-room sales of the year, where we also exceeded the 90% sold success mark. The results demonstrate that regular buyers are still wanting to buy, and experienced investors are seeing the current market as a window of opportunity to purchase stock.
“It was also great to welcome some first-time auction buyers to our sale, demonstrating that an increasing number of people are seeing the benefits of buying at auction as an alternative to the traditional estate agency route, including the fantastic value on offer across our keenly priced lots.
"Our auction catalogue was filled with a variety of lots from across Scotland, including a great mix of flats and family homes with some ripe-for-renovation lots, as well as some plots of land for development.”
The next in-room sale from Auction House Scotland will take place at 2pm on July 20 at the Radisson RED hotel in Glasgow, with properties being listed now.
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