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The winning bid for a burned-out shell of a terraced house in New Tredegar, Caerphilly county was £50,250, despite its initial guide price of £0. The property had 15 people bidding on it and was described as being “in a very sorry state of repair” before going under the hammer. Andrew Kidd, a 58-year-old landscaper from Newport, won the auction and said that he and his wife Victoria chose it as a “doer upper”.
Although he has not yet visited the property, Kidd stated that he and his son-in-law, who has a carpentry background, were taking on the challenge. He hoped to sell it for about £125,000 and complete all the work in less than four months. Sean Roper of Paul Fosh Auctions, who organized the auction, said that “the state of the house and the price really seemed to grab people’s imagination”.
The sold property suffered severe fire damage, and the bidding saw a total of 136 bids. Houses in the area where the property is located had an average sale price of £83,000 over the past year, according to Rightmove. Despite its condition, the New Tredegar house showed that there are still those willing to invest in renovating properties that may not be in the best condition.
Kidd won the auction through Paul Fosh Auctions and put in a bid of £50,250 along with his wife’s support. The couple will see whether they can sell the property at a higher price after renovating it. Although they may sell it in the future, they are both looking forward to restoring the property into a livable condition
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