Edinburgh property: One-bedroom flat dubbed the ‘cheapest’ in city sells for double its guide price at auction

Auctioneers say the unique property, on Balfour Street in Leith, needed total refurbishment

An Edinburgh flat dubbed ‘the cheapest on the market’ has sold at auction for more than double its guide price.

There was fierce competition from bidders for the unusual one-bedroom, 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.

There was fierce competition from bidders for an unusual one-bedroom flat in the centre of Edinburgh, sold by Auction House Scotland.

Auctioneers say the unique property needed total refurbishment, and having started with a guide of £30,000, it sold for £74,000 during the combined in-room and livestream sale last week (January 26).

The first Auction House Scotland sale of 2023 saw 93% of the 40 listed Lots sold, raising more than £3.4m (£3,450,499).

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.

“As ever, our auction catalogue was packed with a great variety of lots from across Scotland, from one of the cheapest flats for sale in Edinburgh which sold for more than double its guide price to a beautifully converted, ready to move into three-bedroom detached steading in the Aberdeenshire village of Drumoak - a perfect family home or holiday let.”

Mill Cottage was packed with plenty of character and traditional beams and was up for auction with a guide of £149,000. It attracted a number of bids before the hammer came down at £184,500.

Cooper added: “We sell properties throughout Scotland in our auctions, and so having the option to tune into livestream and then bid online means no matter where potential buyers are in the country (or the world) they don’t miss out on the chance to take part.

“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.”