Flat previously listed as the cheapest in Edinburgh, is a hot lot at auction

There was fierce competition from bidders for a one-bedroom flat in the Dalry area of Edinburgh at Auction House Scotland’s recent property auction.

The top floor flat on Caledonian Road, near Haymarket Station, was previously listed as the cheapest property for sale in the city, going under the hammer at an opening bid of £79,000. Auctioneers say the flat needed a full refurbishment, however in a great location within walking distance of the centre and West End, it was the hottest lot during the combined in-room and livestream sale that took place on Thursday 18^th May, selling for £130,000 - £51,000 over its starting price.

The third Auction House Scotland in-room sale of 2023 saw 100% of the 38 listed lots sold, raising more than £2.3m (£2,381,548), despite signs that the market has fewer buyers.

Regardless of a slowing market, Mandi Cooper, Managing Director for Auction House Scotland, said: “Achieving a 100% sales success rate at our May auction is testament to the hard work of our team and the professional service that we offer at Auction House. These remarkable results build on our previous two in-room sales of the year, where we also exceeded the 90% sold success mark.

“The results demonstrate that regular buyers are still wanting to buy, and experienced investors are seeing the current market as a window of opportunity to purchase stock.

“It was also great to welcome some first-time auction buyers to our sale, demonstrating that an increasing number of people are seeing the benefits of buying at auction as an alternative to the traditional estate agency route, including the fantastic value on offer across our keenly priced lots.

“Our auction catalogue was filled with a variety of lots from across Scotland, including a great mix of flats and family homes with some ripe-for-renovation lots, as well as some plots of land for development.”

The cheapest lot up for auction was a one-bedroom doer-upper flat in Rothesay on the Isle of Bute. The sea-front property was open to bids from £10,000 and sold for £16,500.