Sinking house in the Valleys, Wales, sells for 30,000 times the £1 guide price

A ramshackle house which is ‘cracking in half’ and ‘sinking’ into the ground has sold under the hammer for more than 30,000 times the guide price. 

Bids soared to £32,500 during the auction, despite the property having a guide price of £1 because it has a long list of structural problems and has been dubbed ‘beyond repair.’

The four-bedroom detached house in the Valleys, Wales, was being marketed by estate agent Cheshire & Co, whose own mortgage adviser said it was ‘scary’ to go inside the property. 

This ‘sinking’ house in the Valleys, Wales, has sold for more than 30,000 times the original guide price despite being described as ‘beyond repair’

Within the last two years, the house has moved significantly, with up to four inch cracks appearing and the ceilings bulging

Within the last two years, the house has moved significantly, with up to four inch cracks appearing and the ceilings bulging

The back garden wall has moved from six feet to just six inches away from the rear of the house

The back garden wall has moved from six feet to just six inches away from the rear of the house

Four inch cracks have appeared in the walls and the front of the house is falling forward towards the road

Four inch cracks have appeared in the walls and the front of the house is falling forward towards the road

The dilapidated building nestling on the side of a hill was the lowest priced lot in the sales catalogue.

An unknown buyer on the phone secured the winning bid after going head-to-head against a bidder in the room during the tense auction. 

Mortgage adviser at Cheshire & Co Kelly Williams said: ‘In all my property experience I have never come across a property being priced at a guide price so low, it was incredible.

Cheshire & Co say the building is suffering from ‘severe structural issues’ and the back garden wall has moved from six feet away to just six inches away from the rear of the house.

Kelly added: ‘The house is sinking. It’s moving forward, cracking in half with the front of the home falling forward. 

Estate agent Kelly Williams says the property, which had a guide price of £1, is suffering from 'severe structural issues'

Estate agent Kelly Williams says the property, which had a guide price of £1, is suffering from ‘severe structural issues’

Estate agent Kelly Williams said there was no chance of anyone getting a mortgage on the property because it was in such a bad state

Estate agent Kelly Williams said there was no chance of anyone getting a mortgage on the property because it was in such a bad state

‘The movement has been happening for the past eight years but within the last two years there has been a significant increase in movement, up to four inch cracks have appeared and ceilings are bulging.

‘It’s quite scary to go in there! 

‘We put the house on the property portals with a guide of £1 because there was no chance of anyone getting a mortgage on the property, it’s cash buyers only. 

‘The house is beyond repair, the value is really in the land.

‘At that super low guide price we were looking to spark interest prior to the auction.’

Despite the £1 guide price, the bids opened at £3,000 and started slowly before a tense bidding war commenced.

Kelly explains: ‘At the start, the room went quiet and nobody said anything. Then someone on the phone bid, but it was very slow going, with the bids going up by just £100 at a time.

‘Then a bidder at the back of the room became interested and the bidding began to gather pace, going up in £1,000 steps.

The guide price for the property was just £1, but the winning buyer paid £32,500

The guide price for the property was just £1, but the winning buyer paid £32,500

The property is expected to be demolished and the land used for the construction of new houses, according to the estate agents

The property is expected to be demolished and the land used for the construction of new houses, according to the estate agents

One of the four bedrooms inside the 'sinking' house

The four-bedroom property is believed to have sold for between £170,000-£180,000 if it didn’t have the structural problems

‘The bidding gathered momentum, they both really wanted it, and the bidding sped up. It got to £32k from the bidder in the room, but the phone bidder just got it for £32,500.’ 

Estate agents Cheshire & Co say the home would be worth around £170,000-£180,000 if it didn’t have the structural problems. 

The average house price in the area is £108,319, according to RightMove. 

The new owners are expected to demolish the house and rebuild on the land, according to the estate agents. 

They say the site could be used for the construction of between two to four semi-detached homes or a row of terraced houses, depending on planning permission.  

Kelly said: ‘It’s sad to think the house will be torn down and the original features such as the Minton floor tiles and staircase will be gone.

‘But the story of the site continues and it is quite exciting to see what will appear on the plot.

‘A new property chapter is about to be written.’     

 

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