A “SINKING” country home has sparked a surprise bidding war at auction – after being given a minuscule guide price of just £1.
In the end, though, a keen bidder snapped up the four-bedroom home in Ebbw Vale, South Wales, for £32,500 – and plans to knock it down.
Mortgage advisor Kelly Williams, of Cheshire & Co estate agents, said: “The house is sinking. It’s moving forward, cracking in half with the front of the home falling forward.
“The movement has been happening for the past eight years but within the last two years there has been a significant increase in movement.”
The detached double-fronted home overlooks lush green countryside.
According to property experts, the house would be worth £170,000 to £180,000 without its many structural issues.
Kelly said that, apart from the house sinking into the ground, “up to four inch [long] cracks have appeared and the ceilings are bulging. It’s quite scary to go in there. It’s a tear-down property.”
Even its garden wall has moved from six feet away to sitting a menacing six inches from the rear of the house, reports Wales Online.
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Kelly said: “In all my property experience I have never come across a property being priced at a guide price so low.
“It was incredible. At that super low guide price we were looking to spark interest prior to the auction.”
The new owners are investors, who do not want to be named, and are expected to demolish the house.
If planning permission is granted, the land could be used to build new homes.
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