A property that was put up for sale at auction with a guide price of £1 and no reserve has sold for £21,000.
The fire-damaged house was too dangerous for viewings, but attracted competitive bidding at the auction in Cardiff.
The buyer is a carpenter from London who had hoped to pay around £15,000. When refurbished, they expect the home to be worth about £50,000.
Paul Fosh Auctions’ Sean Roper comments: “It was very competitive in that room and there were four or five people bidding for the house.
“It certainly exceeded expectations, but that was probably due to the impressive amount of interest raised by the nil reserve; that’s a very, very rare occurrence.”1