- The 3-bed property is in the popular Cornish coastal town of Looe and comes with stunning views of the harbour
- It has a price tag of £55k, and estate agents say it could be worth as much as £275k after work is carried out
- The house is made of non-standard construction materials, meaning it can only be considered by cash buyers
It’s a three-bedroom house in the popular Cornish coastal town of Looe, in a sought-after road and with stunning views of the harbour.
And with a price tag of just £55,000, it begs the question what is wrong with this home, especially as local estate agents say homes in the area tend to go for more than five times that sum.
The reason becomes clear from the view of the front of the property, which is a pure blanket of ivy.
The three-bedroom house in the popular Cornish town of Looe has an asking price of £55,000
The property has off-road parking and boasts stunning views of the fishing town’s harbour
The house is made of non-standard construction materials, meaning it can only be considered by cash buyers as it is not normally possible to get a mortgage on such properties. Lenders tend to consider this type of construction as too high a risk to offer a loan.
Photos of the inside of the house are unavailable as the property is boarded up and unsafe to enter, according to Katie Semmens, of Clive Emson Auctioneers, which is handling the sale.
She said: ‘The house needs to be knocked down and rebuilt. I guess it could be rebuilt for around £120k and once finished, it could be worth between £250,000 and £275,000.
‘The property is in a beautiful location, with views of the harbour. Looe is a popular holiday destination with a variety of shops and restaurants.’
The average price of a property in Looe is £269,350, according to property website Zoopla. It compares to an average price of £305,079 for the UK.
Looe is 20 miles west of Plymouth and attracts a large number of tourists every year, with beaches, sailing, fishing and spectacular coastal walks among the many attractions.
Local holidaymaker Richard Browning said: ‘I’m not sure that houses are supposed to make you laugh. But this one did. For that reason alone and if it weren’t for the fact that I don’t have the cash, the ability to move to Cornwall permanently or know how to build or repair things, I’d been in there with an offer tomorrow.
‘I’d happily help peel off the ivy. That would be as satisfying as punching through the seal on a new jar of instant coffee. I’m a man of simple pleasures, me, not ambitious building projects, sadly.’
The average price of a property in Looe is £269,350, according to property website Zoopla
Looe is 20 miles west of Plymouth and attracts a large number of tourists every year
The property is being sold at auction on September 15 at the St Mellion International Resort, with a guide price of £55,000.
The marketing literature describes the property as: ‘A semi-detached house situated in a sought after and pleasant elevated residential location enjoying fantastic views over Looe Harbour having the valuable benefit of off-road parking.’
It adds: ‘The property is now in disrepair and requires extensive improvement works or some may consider total replacement, subject to all necessary consents being obtainable. Interested applicants are advised to make their own enquiries with the Local Planning Authority, the Cornwall Council.’