This run-down countryside bungalow has sold for £201,000 at auction (Image: Paul Fosh Auction / SWNS)
A run-down countryside bungalow has sold for more than 14 times its guide price after sparking a fierce bidding war among property hunters.
The detached two-bedroom home in the Dorset village of Marshwood, near Bridport, was listed at auction with a guide price of just £14,000. However, by the time bidding closed on Friday, the property had sold for an astonishing £201,000.
Auctioneers said the bungalow, known as Farthings, attracted huge interest from both investors and private buyers, with a total of 192 bids submitted during the online auction.
The Dorset bungalow is riddled with mould and in need of a full renovation (Image: Paul Fosh Auction / SWNS)
The property sold for an impressive £187,000 above the guide price. (Image: Paul Fosh Auction / SWNS)
Despite its eye-catching sale price, photographs of the property show it is in need of extensive renovation. Images reveal chipped paintwork, deteriorating kitchen cabinets and what appears to be black mould on walls and ceilings.
Nevertheless, bidders appeared undeterred by the property’s condition, instead focusing on its location and development potential.
Sean Roper, of Paul Fosh Auctions, said: “The bungalow, called Farthings, really grabbed the interest of investors and private individuals as soon as we listed it on the Paul Fosh Auctions website.
“And once the online auction opened, that interest was replicated in the bidding which just kept on coming right up until the end, when the two-bedroom, single level living property sold for an impressive £187,000 above the guide price.”
He added: “Boasting two well-proportioned bedrooms, the property offers comfortable living in a peaceful and desirable setting.
“Set within a prime location, the bungalow, which is in need of a comprehensive renovation both inside and out, benefits from a bright and spacious layout, with ample natural light flowing throughout the house.”
A total of 192 bids submitted during the online auction (Image: Paul Fosh Auction / SWNS)
According to the auctioneer, the property also benefits from off-road parking and a garden, with scope for extension or redevelopment subject to planning permission.
Mr Roper said Marshwood’s reputation as a sought-after village had contributed to the intense competition among buyers.
“Marshwood is renowned for its high property values and strong community appeal, with properties rarely coming to market in this desirable area,” he said.
“This lot offered those in the market a rare chance to acquire a detached bungalow in a prestigious location with vacant possession for potentially a very good price. Buyers soon recognised the potential offered by Farthings and piled in with their bids.”
The auction house believes the property could prove a lucrative investment once renovated, estimating it could achieve between £1,000 and £1,150 per month in rent.
The remarkable sale highlights continued demand for homes in desirable rural locations, even when substantial renovation work is required.