Kate Griffin, spokesperson for the Society for the Protection of Ancient Buildings (SPAB), the country’s largest group fighting to save old buildings from decay, demolition and damage, suggested that investors looking to find bargain properties faced a double-edged sword:
“Property prices can be quite inflated at auction because the auctioneers don’t necessarily understand an older property and don’t necessarily know what they’re putting up for auction. When you’ve actually bought your wreck and put your money on the table, you then find you’ll have to spend several hundred thousand pounds more than you envisaged.”
She revealed that in some cases, such as remote buildings, rural Scottish crofts or remote cottages, it”may look like a very picturesque wreck, but in actuality not have any mains electricity.
Griffin’s comments follow the recent purchase of a former toilet block on a much sought-after street in Saint Andrews, which sold for £200,000 to a developer who was looking to convert the property into a house.
© Adfero Ltd
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