Edinburgh for sale: Edinburgh's cheapest home sells for £51,000 over its starting price at auction

Dalry flat sold for £130,000 at auction

Edinburgh’s cheapest home on the market, which was valued at £79,000, has sold at auction for almost double the asking price.

The one-bedroom flat at Caledonian Road was valued at £79,000 by Auction House Scotland when it went up for auction last week but sold for £130,000 – £51,000 more than the starting price. The flat is a short distance from the west end and city centre and is in a highly popular area for buy-to-let investors.

There was fierce competition from bidders for the Dalry flat at Auction House Scotland’s latest property auction. Auctioneers said the flat needed a full refurbishment, however, it was the hottest lot during the combined in-room and live stream sale that took place on Thursday, May 18. They also said previously that on completion of works, comparable evidence of similar flats suggests a likely rental income of more than £840 a month for this one-bedroom flat in Edinburgh.

This Caledonian Road flat, which was the cheapest property in Edinburgh, sold at auction for £51,000 over the valuation.

All 38 listed lots from across Scotland were sold at the auction, raising £2,381,548, despite recent signs that the market has fewer buyers. 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. Lots are now being listed for the next in-room live stream sale with Auction House Scotland which takes place at 2pm on Thursday, July 20 at the Radisson RED hotel in Glasgow.