Scotland’s cheapest flat on sale for £5k near Glasgow but there’s a major catch

A ONE-bedroom flat in a Scottish town is set to go up for auction at a bargain price - but there's a catch.

The home, located on Lawn Street in Paisley, has been dubbed the cheapest property in Scotland.

The flat is being sold by Prime Property Auctions, who have offered a guide price of just £5,000.

The firm explained that it has recently been reduced and is a bargain for anyone looking to snap up a home in the area.

Especially since one-bedroom properties in the surrounding location have recently sold for over £50,000.

But there's a catch - the home needs a complete renovation.

The flat needs a revamp as it's more of a fixer-upper and not in a complete state.

The property currently has no windows and the walls are fully exposed with the brickwork visible.

The ceilings are also caved in, with wires and electrical outlets hanging from the sides.

The door frames have been removed and the flooring has been ripped up, with a huge mess left on the ground.

There is also no fitted kitchen and no useable bathroom.

However, someone with the ability to fix the problems and do the place up could turn it into a wonderful home.

If they did, then they could make around £550-625 a month in rent for the property, which has been valued at around £50,000 once refurbished.

Experts at Prime Property Auctions have said that the property is also located in a prime spot in the town.

It sits near a whole host of local amenities including many popular restaurants, bars and supermarkets, with local schools also nearby.

A spokesperson from Prime Property Auctions said: "This property is ready for builder, investor or developer to bring to life and is a potentially high-yielding investment property.

"Sure to appeal to investors looking for an easy lettable flat in a sought-after location with great potential for Capital Growth.

"The local areas have seen some great sales recently showing that there is strong demand."