Run down countryside bungalow sells for 14x asking price at auction | UK | News
This run-down rural bungalow sold at auction for £201,000 (Image: Paul Fosh Auction/SWNS)
A run-down rural bungalow has sold for more than 14 times its guide price after a fierce bidding war flared up among property hunters.
A two-bedroom detached house in the Dorset village of Marshwood, near Bridport, has been listed at auction with a guide price of just £14,000. But when bidding closed on Friday the property had sold for a staggering £201,000.
Auctioneers said the bungalow, known as Farthings, attracted strong interest from both investors and private buyers, with a total of 192 bids submitted during the online auction.
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Dorset bungalow is full of mold and needs a complete refurbishment (Image: Paul Fosh Auction/SWNS)
The property sold for an impressive £187,000 above the guide price. (Image: Paul Fosh Auction/SWNS)
Despite the eye-catching sale price, photos of the property show it is in need of extensive renovations. The footage shows chipped paint, deteriorating kitchen cabinets and black mold on the walls and ceilings.
However, bidders focused on its location and development potential, without paying attention to the property’s condition.
Sean Roper of Paul Fosh Auctions said: “The bungalow, called Farthings, really attracted the attention of investors and private individuals when we listed it on the Paul Fosh Auctions website.
“And when the online auction opened, this interest was echoed in the bidding which continued right to the end where the two-bedroom, single-storey living property sold for an impressive £187,000 above the guide price.”
He added: “With two well-proportioned bedrooms, the property offers comfortable living in a peaceful and desirable environment.
“Perfectly located, in need of an extensive refurbishment both inside and out, the bungalow benefits from a bright and spacious layout with plenty of natural light flowing throughout the house.”
A total of 192 bids were submitted in the online auction (Image: Paul Fosh Auction/SWNS)
The property also benefits from off-street parking and a garden with scope for extension or redevelopment, subject to planning permission, according to the auctioneer.
Mr Roper said Marshwood’s reputation as a sought-after village had contributed to intense competition among buyers.
“Marshwood is renowned for its high property values and strong community appeal; properties in this desirable area rarely come to market,” he said.
“This land offered those in the market a rare chance to purchase a detached bungalow with vacant possession in a prestigious location, potentially at a very good price. Buyers quickly realized the potential Farthings had to offer and filled in their offers.”
The auction house believes the property could be a lucrative investment when renovated, estimating it could generate monthly rents of between £1,000 and £1,150.
The remarkable sale highlights continued demand for homes in desirable rural locations, even if significant renovations are required.
