A derelict terrace home which has been swamped by overgrown trees sold at auction today for a staggering £554,000
The three-bed property dubbed The Tree House is in an appalling condition after being neglected for years.
But this didn’t stop almost 100 people queuing up to view the home on Ruthin Road in Blackheath, London, during an open day over the weekend.
It was offered by Savills Auctions today with a guide price of £450,000 – and three people battled it out in the room to get their hands on the hose.
Bidding opened up at £470,000 and, 25 bids later, it was bought by a gentleman for his son for £554,000.
Auctioneer Chris Coleman-Smith called it as “one of the best places he had sold in years”.
The staggering price paid was £75,000 more than the average home in London but still below the £800,000 a perfect terrace home on the street would cost.
Robin Howeson, a director at Savills Auctions, said: “Although it is one of the most derelict houses I have come across over the past five years, I think it has been bought for a really good price.
“The buyer has bought it for his son and it is going to be renovated for him to live in.
“It will be interesting to see what they do with it but with house prices in the area as they are I think it will be a good investment.
“At the end of the day they are getting a home on a really good street in a really good area.”
In the sales catalogue, Savills Auctions described the home as being “in need of complete modernisation”.
Inside, the house has a kitchen, reception room, three bedrooms and a bathroom. There is also a 50ft long back garden and a garage.
Externally, the home is almost entirely concealed from the street by out of control trees which go all up the front, side and roof of the property.
On top of the £554,000, the buyer will have to spend a further £17,500 on stamp duty before they begin the renovation.
