1. ITV Report

Valleys house listed for £1 sells at auction for over £32,000

Movement in the land beneath the house has caused structural damage and cracks to appear.

Property developers and first time buyers were left bidding for a bargain when a house in Ebbw Vale was put up for auction at just £1.

The estate agents listed the four-bedroom property on Victoria Road for the low price due to the condition the house was in following an inspection.

Inside the detached property on Victoria Road in Ebbw Vale. Credit: Cheshire & Co estate agents

Estate agent Kelly Williams said: "The house is sinking. It's moving forward, cracking in half with the front of the home falling forward".

Because of the interior damage and structural issues in the property, it would prove difficult to get a mortgage.

Ms Williams referred to the house as a “teardown property” and said the final price would reflect the worth of the land it is on - rather than the property itself.

The property had a number of structural issues.

During the auction, a bidder in the room went head-to-head against a phone bidder to secure the sale of the property.

After a tense bidding exchange the house was sold for £32,5000 with the phone bidder taking the lead with an offer of £500 more.

The house has a lot of the original features including Minton floor tiles and a period staircase.

According to Rightmove, the average price of house prices in the last year in Ebbw Vale was at £108,319.

The estate agents at Cheshire & Co think the new investors will likely demolish the house for development depending on what planning consent can be secured.

Following the sale the estate agents said: "The story of the site continues and it is quite exciting to see what will appear on the plot."

They added: "A new property chapter is about to be written."