A lucky buyer could snap up a home in a South Wales mining village for the reserve price of just £0 next week.
The house – 9 Church Terrace – in Nantymoel, Bridgend, will go on sale in Cardiff.
But the auction house selling what could end up being the UK’s cheapest ever home have warned that the building is “little more than a shell requiring complete renovation” and is “unfit for human habitation”.
The freehold property will go under the hammer at the Park Inn Hotel, Circle Way East in Llanedeyrn, Cardiff, from 5pm next week where, due to its current state, it will have a reserve price of £0.
Auctioneer Paul Fosh, of Newport-based Paul Fosh Auctions, said no-one had been inside the house because all the windows were boarded up.
He said: “We haven’t been inside the house as the windows, or what’s left of them, are all boarded up.
“We’re told all there is of the house are the walls and the only concession to comfort appears to be a leather sofa which is in the forecourt to the front, outside of the building.”
Mr Fosh added it could be the case that a cash buyer snaps up the house for just a few pounds.
But he added they will need plenty of money in reserve to turn it into anything like a habitable condition.
“The freehold property has a nil reserve which means that it could be sold for just a few pounds but the new owner must be well aware that they’ll need funds to renovate the place as it is currently unfit for human habitation – it doesn’t even have slates on the roof,” he said.
The terraced house, just two miles from the centre of Bridgend, is one of 58 lots up for sale at the auction.
It comes two years after a mid-terrace house at 108 Edward Street, Maerdy, Rhondda, was described as the cheapest home in the UK when it went up for auction at £7,000.
Similarly it was described as being in a “serious state of disrepair”.
The property was so bad that notices were pinned to the front door warning about a rat infestation, while it had prison-like bars attached to the windows and a rotting front door.
On that occasion Newport property mogul Nicky Rashid (corr) snapped up the property for three times its asking price without ever having seen it.
He had said: “Where do diamonds come from? Mud.”
Tony Filice (corr), Royal Institute of Chartered Surveyors (RICS) Wales residential spokesman and director of Kelvin Francis Chartered Surveyors in Cardiff, said that in instances where prices were low at auction, houses normally drummed up interest and achieved their price.
He said: “I think there was, possibly a year ago, another property that was auctioned for the price of less than a the cost of a family saloon car.
“The result of the interest created was that so many people turned up at auction it achieved its normal price.”
He said in normal circumstances advice to those buying at auction was always that they should “do homework in advance”.
But he said in the event of next week’s lot, people would be “buying with your eyes closed” because no-one had had the chance to see inside.
He said: “This is a case of buying blind. It’s a high-risk purchase.
“If you can’t see inside, what are the defects? It’s very similar to purchasing a car if you can’t see under the car bonnet. Does it have an engine?
“That’s why it’s no reserve.”