A two-bedroom flat riddled with black mould has sold for £117,000, despite being in ‘poor condition’ and requiring a ‘full program of refurbishment’.
Photographs of the property in Thamesmead, south-east London, listed by Auction House London, show a derelict home filled with mould-covered walls, missing floor tiles and ripped curtains.
Located just minutes from Abbey Wood station in a purpose-built building, the surprisingly sought after home features a rundown reception room, bathroom, kitchen and shared garden access.
Initially listed with a low guide price of just £90,000 due to its poor condition, it was quickly snapped up by keen homeowners who appeared unphased by the plethora of challenges associated with the rundown property.
Alongside experiencing severe mould, a caving ceiling and advanced neglect, the flat has just 60 years left on its leasehold, meaning that its new owners may also struggle to obtain a traditional mortgage and sell on the property.
The auction was, therefore, hugely dependent on cash buyers who could complete on the unusual property within a six-week period and were willing to overlook its rundown state.
But, bidders appeared rather unphased by the plethora of challenges accompanying with the rundown property, purchasing the unique build for £27k more than the asking price.
A two-bedroom flat riddled with black mould in Thameshead, south-east London, has sold for £117,000, despite being in ‘poor condition’ and requiring a ‘full program of refurbishment’
Initially listed with a low guide price of just £90,000 due to its poor condition, the property was quickly snapped up by keen homeowners who appeared unphased by its challenges
While seemingly unusual, a spokesperson for Auction House London said that they were ‘not too surprised’ that the flat had proven to be a ‘popular lot in our action’
| Rank | Local authority area | Complaints |
|---|---|---|
| 1 2 3 4 5 6 7 8 9 10 |
Haringey Hammersmith and Fulham Lambeth Lewisham Camden Islington Southwark Adur City of London Lewes |
30.71 29.07 26.83 25.86 16.96 16.09 16.01 15.21 14.35 14.04 |
| Source: FOI/Regulator of Social Housing Data collated by Uswitch | ||
While seemingly unusual, a spokesperson for Auction House London said that they were ‘not too surprised’ that the flat had proven to be a ‘popular lot in our action’.
Explaining that the neglected home will provide a unique investment opportunity, they added: ‘This is an ideal auction lot to get on the property ladder and refurbish to either live or sell on.
‘A lot of people look to buy in auction to get a property they can work on which is why end-user properties are not often found in our catalogues’.
However, Babek Ismayul, founder and CEO of home buying platform OneDome, fears that while such surprising property sale ‘seems like a bargain’, it actually reflects a wider issue of an ‘extreme affordability crisis’ for buyers.
Speaking to WalesOnline, he said: ‘This property was sold at auction, meaning it likely attracted cash buyers. Mortgage leaders typically won’t approve loans for properties without a working kitchen, as they are considered uninhabitable.’
Located just minutes from Abbey Wood station in a purpose-built building, the surprisingly sought after home features a rundown reception room, bathroom, kitchen and shared garden access
Babek Ismayul, founder and CEO of home buying platform OneDome fears that such property sale reflects a wider issue of an ‘extreme affordability crisis’ for buyers
It comes as 60 per cent of English residents have reported mould in their homes, according to research from January this year by comparison service Uswitch (pictured: the exterior of the property)
It comes as 60 per cent of English residents have reported mould in their homes, according to research from January this year by comparison service Uswitch.
Moreover, eight out of ten of the local authorities with the most mould complaints were from London, with Haringey, Hammersmith and Fulham and Lambeth claiming the top three spots.
A Uswitch spokesperson said: ‘This problem spans across all types of housing, from owned homes (43 per cent) to privately rented properties (28 per cent), and even local authority (16 per cent) and housing association accommodation (12 per cent).
‘Almost everyone who said they’ve experienced mould also stated that paying for adequate heating at the time was a struggle.’