The ground floor two bedroom property in Thamesmead, which requires “a full program of refurbishment”, was recently listed on Auction House London for £90,000.
The low price on the listing is due to its poor condition, with images showing the walls covered in black mould, curtains ripped from the wall, and several tiles missing from the floors.
(Image: Auction House London)
The flat also has just 60 years remaining on its leasehold, which could make it difficult to secure a traditional mortgage on the home.
But, despite its dreadful state, auctioneers say the lot was very popular and received several competitive bids.
The property, which is located in a purpose-built block near Abbey Wood station, eventually sold for an incredible £117,000.
It includes a reception room, kitchen, two bedrooms, a bathroom, and access to communal gardens.
A spokesperson from Auction House London said: “It was a popular lot in our auction.
“We’re not too surprised as this is an ideal auction lot to get on the property ladder and refurbish to either live or sell on.
“A lot of people look to buy in auction to get a project they can work on which is why end-user properties are not often found in our catalogues.”
