The two bedroom property in Thamesmead, south-east London, is in a "poor condition" and is a "full program of refurbishment", according to Auction House London, who listed it with a guide price of just £90,000 on Auction House London.

The bargain-basement listing price reflects the flat's dire state, with grim images showing walls covered in black mould, tattered curtains hanging off their rods, and a floor riddled with missing tiles.

Compounding its issues is a leasehold with only 60 years left, potentially complicating the ability to obtain a standard mortgage.

In spite of these drawbacks, the property was immensely popular among bidders, with auctioneers confirming it drew substantial competition.

Located in a purpose-built block conveniently close to Abbey Wood station, the flat ultimately sold for an incredible £117,000.

It features a reception room, a kitchen, two bedrooms, a bathroom, and offers access to shared gardens.

An Auction House London spokesperson expressed little surprise at the interest in the sale, noting: "It was a popular lot in our auction."

They went on to elaborate that such properties present an ideal opportunity for investment, saying: "We're not too surprised as this is an ideal auction lot to get on the property ladder and refurbish to either live or sell on."

They concluded by highlighting the attraction auctions hold for those seeking a renovation challenge: "A lot of people look to buy in auction to get a project they can work on which is why end-user properties are not often found in our catalogues."