A canal-side cottage renovation project has sold for more than double its guide price after a bidding frenzy for a “quirky” lifestyle beside the river.
The placid Lock Cottage in Bettws, Newport, was on sale with Paul Fosh Auctions for a guide price of £75,000, but last week the home sold for an astonishing £158,000.
The two-bedroom property beside the Monmouthshire and Brecon Canal which has rambling gardens attracted bids as soon as it first featured online, said Sean Roper of Paul Fosh Auctions.
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“Bids came in as soon as the auction went live and didn’t hold up until the hammer finally fell at an impressive £158,000,” he said. “In all 155 bids came in from nine individual bidders all looking to secure the unique cottage.”
House prices in Newport generally now sit at more than £215,000 in the city. According to Rightmove, properties in Newport had an overall average price of £218,703 over the last year.
Overall, sold prices in Newport over the last year were 6% up on the previous year and 10% up on the 2019 peak of £197,993. You can read stories from people facing the “impossible task” of buying a home in Newport here.
Mr Roper continued: “The cottage was appealing not just because of its location on the canal but for those looking for a secluded retreat, in a rural location, which is not way out in the sticks.
“The manageable property isn’t far from the city of Newport and the M4. We often find that the more unusual, quirky properties go well at our auctions and this was certainly no exception.”
The cottage has a porch entrance, kitchen, bathroom and lounge on the ground floor and interconnecting bedrooms above.
Mr Roper said the cottage could be a very attractive proposition as an Airbnb - with plenty of land too at the front and rear of the property.
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