The property, located on Noel Street in Gainsborough, was attached by arsonists in July last year. The two-bedroom home was severely damaged – and that remains the case today, with windows boarded up plaster crumbling all over the building. That has not stopped it being put up for sale on Rightmove, though, with an eye-catching price tag of just £7,000.
The value is far below market value. Indeed, the UK property market has seen values skyrocket thanks to a severe lack of supply, which falls far short of soaring demand. House prices climbed 9.7 per cent year-on-year in England in February 2014, according to the latest data from the Office for National Statistics. The average price of properties on the same Lincolnshire, meanwhile, is closer to £100,000.
Look through the burn marks and dirt and eager house hunters unafraid of renovation will spy two bedrooms, working utilities and, beneath a heap of rubble, a back yard and even a brick outbuilding. The kitchen has no oven, although it does boast a dirty fridge, while the bathroom features a toilet with no seat.
Is that worth £7,000? In the current climate, it may well be. That question will be answered for …read more
Source: The Movechannel