Cornish home with stunning harbour views on sale for just £55,000

So, what's the catch?

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What's the catch with this £55,000 Cornish home?

With average house prices currently standing at £210,000, many hopeful buyers are having to make huge sacrifices to get on the ladder - but at what cost?

In the popular town of Looe in Cornwall, a three-bedroom house with stunning seaside views has just entered the market at a wallet-friendly £55,000.

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The semi-detached property is situated on a highly sought after road - and includes off-street parking - but it's been priced at five times less than the local average.

And for a very good reason indeed.

Credits: Clive Epsom

There's so much ivy, you can't even see the front door...

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The front of the house is coated in a blanket of ivy - so much so that you can't actually see the front door.

To make matters even more complicated, the property itself is made of non-standard construction materials, which means it won't pass the test for a mortgage.

In other words, you'll need to buy in cash if you want to get your hands on it.

On the plus side, that's still less than half the price of a deposit for a flat or house in London.

Clive Emson Auctioneers, the firm behind the listing, have described the property as in 'disrepair' - and have therefore provided no images of inside the house.

The listing reads: "A semi-detached house situated in a sought after and pleasant elevated residential location enjoying fantastic views over Looe Harbour having the valuable benefit of off-road parking."

Credits: Clive Epsom

The view's lovely, shame about the plants...

"The property is now in disrepair and requires extensive improvement works or some may consider total replacement, subject to all necessary consents being obtainable.

"Interested applicants are advised to make their own enquiries with the Local Planning Authority, the Cornwall Council."

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Katie Semmens at Clive Emson Auctioneers said: "The house needs to be knocked down and rebuilt. I guess it could be rebuilt for around £120k and once finished, it could be worth between £250,000 and £275,000.

"The property is in a beautiful location, with views of the harbour. Looe is a popular holiday destination with a variety of shops and restaurants."

In Looe, the average property price sits at £269,350 according to Zoopla figures.

The town, which is around 20 miles west of Plymouth, is a famous coastal walking hotspot for tourists and well known for activities such as sailing and fishing.

The property is being sold at auction on September 15 at the St Mellion International Resort, with a guide price of £55,000.

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