A terraced home billed as 'the cheapest house in Wales' has been sold after going up for auction. The one-bedroom house, located in Blaenau Gwent, was put to auction with a guide price of £32,000, but was sold for over £14,000 above this.
The mid-terrace cottage has one single bedroom and a "small interconnected annexe above." The property brought in a total of 32 bids during the two day online sale and was fought for between five bidders.
Despite needing a "fair bit of work", buyers were not put off, having been drawn in by its potential. Agents say, once completed the compact property could become a well-connected, bijou home close to the arterial A465 Heads of the Valley road. It is a fraction of the average house price in Wales of £226,577 and far less than the average house price in Blaenau Gwent which is £126,691 according to the Principality Building Society.
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Gemma Vaughan, of Newport-based Paul Fosh Auctions who was managing the sale of the property, said: "This endearing one bedroom cottage style property, at 245 King Street, Brynmawr, offers much potential. The property does require full renovation but offers scope for extending (subject to the relevant planning consent). It would make an ideal investment for those looking to renovate and resell, or even those looking for Buy to Let."
The property also has a lounge, dining room kitchen and shower room on the ground floor. The rear garden is a good size and there is scope for off-road parking at the front.
Elsewhere at the Paul Fosh Auctions, a former bakehouse in Maesteg, Bridgend, sold for £18,000. After eight bids between five bidders, the two storey former bakehouse went for £2,000 above the guide price. The next Paul Fosh Auctions online sale starts at noon, on Tuesday, May 17 and ends from 5pm, on Thursday, May 19.
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