The word ‘auction’ is still synonymous with ‘bargain’ and for good reason, as there are plenty of ‘below market value’ properties available. But very few properties are offered at a guide price of just £1.

Auction House Scotland is offering property investors an exceptional opportunity to acquire what could be the cheapest home in the UK.

The three-bedroom top floor flat, which is located in a quiet residential area of the North Lanarkshire village of Upperton, near Airdrie, requires significant upgrading throughout but offers huge potential for development.

On completion of works, the auction firm insists that the property offers an ‘ideal buy-to-let investment’ with an ‘outstanding potential rental yield’.

The flat is due to go under the hammer at an auction in Glasgow, with a guide price of £1, next Wednesday 18th May, and will almost certainly be snapped up by a shrewd property investor.  

“It’s very rundown and the seller is desperate to get a quick sale – it’s a one-off,” said Gillian Cochrane, director of operations at Auction House Scotland.

Investors potentially interested in this property may be interested to know that a similar property on the same street sold for £25,000 last year.

The Auction House Scotland catalogue, which can be viewed by clicking here, features a total of 49 lots.