'Unusual' Scottish city centre flat sells for more than twice guide price
AN “unusual” one-bedroom flat in the centre with its shower room outside its front door drew “fierce competition” from potential purchasers at auction late last month, Auction House Scotland says.
The auctioneer noted the property needed total refurbishment and, having started with a guide price of £30,000, it had sold for £74,000 during the combined in-room and livestream sale.
The first Auction House Scotland sale of 2023 saw 93% of the 40 listed lots sold, raising more than £3.45m.
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Mandi Cooper, managing director of Auction House Scotland, said: “We’re thrilled with the results of our first in-room auction of the year – a fantastic start to our year of auction sales. As well as a room full of bidders, we saw an increased number of potential buyers using our online bidding system which only added to the excitement of competitive bidding on the day."
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Auction House Scotland said: “There was fierce competition from bidders for an unusual one-bedroom flat in the centre of Edinburgh, sold by Auction House Scotland. The top-floor property in Balfour Street, just off the city’s Leith Walk, has its shower room and toilet separated from the main flat by a few steps across a communal hallway.”
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Ms Cooper said: “As ever, our auction catalogue was packed with a great variety of lots from across Scotland [including] one of the cheapest flats for sale in Edinburgh which sold for more than double its guide price.”
She added: “Despite the challenges buyers in the Scottish property market are facing at the moment – from the increased additional dwelling supplement to legislation affecting landlords in the private rented sector, coupled with the high interest rates, we feel the appetite for auction properties has not diminished as we welcomed a keen crowd of bidders to our auction this January.”