A two-bedroom flat in Thamesmead, sold at auction for £117,000, surpassed its guide price, highlighting unexpected interest in properties needing extensive refurbishment.
A two-bedroom flat in Thamesmead, south-east London, recently sold at auction for £117,000, significantly exceeding its guide price of £90,000, despite its poor condition. The property, which is located in a purpose-built block near Abbey Wood station, was described by Auction House London as requiring "a full programme of refurbishment." The flat's interior was particularly troubling, with photographs displaying walls heavily covered in mould, tattered curtains hanging off their rails, and floors with numerous missing tiles.
The auction’s high level of interest was unexpected given the property's dire state, which includes a leasehold that has only 60 years remaining. This may complicate prospective buyers' ability to secure a traditional mortgage, as highlighted by the auctioneers.
Despite these challenges, the flat attracted considerable bidding activity, with auctioneers reporting competitive offers. An Auction House London spokesperson commented on the phenomenon, stating, "It was a popular lot in our auction." They further explained the appeal of such properties, noting, "This is an ideal auction lot to get on the property ladder and refurbish to either live or sell on."
The flat itself consists of a reception room, a kitchen, two bedrooms, and a bathroom, along with access to communal gardens. The scale of the refurbishment required and the issues presented by the property did not deter bidders, who appeared to view it as an opportunity for investment.
Auction House London's successful sale illustrates the complex dynamics of the property market in London, where even properties in need of extensive repair can attract significant interest and competition among buyers.
Source: Noah Wire Services
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The narrative lacks specific references to time-sensitive information that would mark it as outdated. However, the lack of mention of recent events or updates means it could either be fresh or not sufficiently detailed for full assessment.
Quotes check
Score:
9
Notes:
The quote from an Auction House London spokesperson appears to be original, as there is no apparent earlier reference online. However, without further context or confirmation from multiple sources, it cannot be fully verified beyond this specific instance.
Source reliability
Score:
9
Notes:
The narrative originates from the Manchester Evening News, a well-known and reputable publication in the UK, which typically ensures a level of journalistic integrity and fact-checking.
Plausability check
Score:
8
Notes:
The scenario described is plausible given the competitive London property market. The challenges, such as a short lease and the need for renovation, align with common issues affecting property sales in similar areas.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The narrative appears to be fresh and lacks clear signs of being outdated. The quotes seem original, and the source is reliable. While plausible, the absence of more detailed verification or context prevents complete confidence.
