Is this the UK's cheapest home?

The exterior of the block.
The exterior of the block.



A three-bedroom flat in Upperton, Lanarkshire, is to go under the hammer later this month with a guide price of just £1.

Neglected for years, it's grubby and strewn with rubbish, and one of the ceilings is falling in. The kitchen and bathroom units are falling apart and the bathroom door has come off its hinges.

"The property requires significant upgrading throughout," agents Auction House Scotland admit.

But the top-floor flat offers huge potential for those prepared to do the work - or for buy-to-let investors. Similar flats in the same block have sold for £30,000 or more.

And when the work's done, it could be very pleasant. There's a 15-by-12-foot sitting room, kitchen and bathroom and three decent-sized bedrooms.

A dilapidated room with the ceiling falling in.
A dilapidated room with the ceiling falling in.




There's parking, a well-kept communal garden and a shared balcony leading from the kitchen.

"On completion of works, this fantastic opportunity would be an ideal buy to let investment offering an outstanding potential rental yield," the agents say.

The auction will take place on May 18th in Glasgow, with open viewings tomorrow and on May 13.

The vendor is believed to be determined to sell, explaining the £1 guide price - but of course the flat almost certainly go for much more. Last year, the same auction house advertised a property with a £1 guide price - a one-bedroom flat on the Isle of Bute - but ended up selling it for a rather higher figure of £14,500.

The scruffy kitchen.
The scruffy kitchen.




And a few months earlier, a fire-damaged property in Tredegar, Gwent, which had been marketed with a guide price of £1 sold at auction for £21,000.

Some houses really have been sold for £1, though, through regeneration schemes. People are allowed to buy properties at knock-down rates on condition that they do them up and then live in them for at least five years.

Such schemes have been run in Liverpool and Stoke-on-Trent, with residents given low-cost loans to fund the repair work. Last year, we reported on how some of these £1 houses in Stoke-on-Trent, now fully renovated, have now been valued at as much as £60,000.

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