Its walls are bare, no mortgage lender will touch it and even the seller admits it ‘may not appeal to everyone’. 

But with picturesque Victoria architecture nearby and a plum location on one of Scotland’s most scenic islands, it may still be a hard deal to turn down for someone with the know-how to turn it into a home.  

One of the cheapest flats currently thought to be on sale anywhere in the UK has gone on the market on the Isle of Bute, with an asking price of just £10,000 - cash-only.  

The Herald:

The living room 

The doer-upper – and there’s a lot of up to do, as pictures from the property show - lies on the seafront at the Argyll and Bute island’s main settlement of Rothesay.

READ MORE: Average house prices pass £200,000

The one-bed flat, 14 East Princes Street, needs a complete overhaul and currently has bare plaster walls, ripped-out timber framework and no floor coverings to speak of.  

No viewings are being carried out, but buyers can bid upwards of £10,000 when the property goes up for auction on May 18 at the Radisson Hotel in Glasgow. 

The Herald:

The flat needs a bit of work 

It is hoped that prospective buyers will be lured in by the chance to own a property with views over Rothesay Bay, which also lies close to what amenities the island has to offer.  

The asking price is also a fraction of what houses usually go for on the island, with properties in Rothesay being said to have an average value of £168,740. 

Overall, house prices in the town over the past year were 34 per cent up on the previous year, and 45% up on the 2007 peak of £116,145. 

The Herald:

This might be the kitchen

A spokesman for sellers Auction House Scotland said: "The property may not appeal to everyone, however with a price starting at just £10,000, it’s a hard deal for any property developer to turn down. 

READ MORE: Derelict cottage among ESPC's most-viewed homes

"The flat sits by the water at Rothesay bay; an ideal town centre location surrounded by various local amenities. 

"A popular seaside resort, Rothesay is a pretty, traditional town that still retains many signs of its Victorian heritage through its architecture and is within easy reach of Bute’s stunning beaches."