Charming cottage could be yours for just £5,000 – but there’s a catch

This house could be yours for just £5,000 – but of course, there's a catch.

The three bedroom home in Dumfries and Galloway, Scotland, is up for for auction with Auction House Scotland next month, the Daily Record reports .

The description on Auction House reads: "Fantastic builder/developer opportunity to purchase this three bedroom detached cottage situated in the popular village of Moniaive which is rarely available for auction.

"This property is in need of extensive works but would make a fantastic purchase for the right buyer with similar habitable properties valuing upwards of £200,000."

The property currently comprises of an entrance hallway, lounge, kitchen, three bedrooms and shower room.

It's fair to say though, it needs a fair amount of work.

The home is going to auction in Glasgow in September with a guide price of £5,000 and up, and you can click here for more details .

But anyone thinking of buying it as a cheap 'fixer-upper' might want to think twice in the current climate, even at such a low price.

In 2004, at the height of the house price boom, more than 60,000 homes a year were bought, done up, then sold on for a profit in England and Wales.

Spurred on by soaring house prices and TV shows like Sarah Beeny's Property Ladder, it seemed anyone could find a cheap home, redecorate and make tens of thousands of pounds.

But last year just 18,630 were "flipped" this way, a huge drop of 69% in 14 years, figures from Hamptons International show.

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