Three-bedroom bungalow in Pembrokeshire attracts bids with £1 guide price

A detached three-bedroom bungalow located in the village of Merlin's Bridge, Pembrokeshire, is attracting attention due to its exceptionally low guide price of just £1. The property, which is situated near the coast and close to Haverfordwest, is set to be auctioned online from noon on Monday, March 10, and will conclude at noon on Wednesday, March 12.

The bungalow boasts three bedrooms, one bathroom, a spacious living room, and a kitchen, along with a driveway that accommodates parking for up to three vehicles. Additionally, the property features a rear garden that includes a timber summerhouse, presenting an appealing outdoor space. However, prospective buyers have been warned of significant structural issues; the estate agent responsible for the auction has stated that the home has 'suffered structural damage due to adverse ground conditions and a comprehensive renovation or complete rebuilding is required.'

A representative from the estate agency noted that the major structural cracks are prevalent at the front right-hand corner of the bungalow and extend into the front garden. This has raised concerns among potential buyers, with one individual stating, "It is outside where you really need to look. £1 for a house sounds a great bargain - but who knows what lies underneath."

Due to the extent of the damage, the auction is primarily targeting cash buyers, as obtaining a standard mortgage on the property is deemed unlikely due to its state. The estate agent emphasized that the sale may be particularly appealing to property developers and builders looking for a project, as they may see potential in the property despite its current condition.

The Daily Mail is reporting that while the price may suggest an incredible opportunity for homeownership, the costs and effort associated with the necessary repairs or rebuilds could deter many from making a bid. The online auction has generated considerable intrigue, although extensive scrutiny will likely be essential for anyone considering the purchase of this property.

Source: Noah Wire Services