£150,000 For Timber Shed?

Interesting piece over on the Guardian’s Money Blog today about a timber shed up for auction for £150,000 – just £10,000 less than the Nationwide’s average UK house price, as Hilary Osborne notes.

Osborne wonders if this is “a return to pre-crash price insanity, or is it money well spent on a prime spot?”

Looking at the details, and with the blog post below about sea views in mind, I think I’m in the money well spent camp.

Why? Because you’re not paying for the “semi-derelict one-bed bungalow” (aka: shed), you’re paying for the site: two acres in the heart of the North Yorkshire Moors National Park with quite breath-taking views over the Heritage Coastline.

True, you’ll only be able to develop it subject to acquiring the necessary consents; and yes, you’d be bonkers to bid on it without first talking to the local planners about what they would allow.

But even so, I think the potential here surely justifies the guide price. What do you think?

We’ll keep you posted on how it fares when it comes under the hammer. Auction to be held at: the Falcon Inn, Staintondale on: Wednesday 16th September 2009 at 7.00pm prompt.

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