Homes Under the Hammer presenter Martin Roberts has delivered a crucial warning to potential property investors, highlighting a Cornish auction purchase where buyers are explicitly prohibited from living in the dwelling.
Strict Restrictions on Gunnislake Holiday Let
During a recent episode of the popular BBC property programme, Martin Roberts travelled to the picturesque village of Gunnislake in East Cornwall to feature a unique holiday let heading to auction with a guide price ranging from £30,000 to £50,000.
The property expert immediately clarified the significant limitation: "This is up for auction, a holiday let, so it's not somewhere you could actually live in yourself. It's a place that can only be rented to holidaymakers for short-term holiday lets."
Property Details and Layout
Standing outside the Cornish property, Martin explained its location within the Tamar Valley, an area of outstanding natural beauty that attracts numerous tourists annually. He noted the property's potential as an investment opportunity given Cornwall's constant need for holiday accommodation.
Upon entering the dwelling, Martin observed an unconventional upside-down layout where the bedrooms were situated downstairs while the living areas occupied the upper floor. He described reasonable-sized double bedrooms and generally good condition, though prospective buyers would need to factor in furniture costs for rental purposes.
Additional Financial Considerations
Martin cautioned viewers that beyond the purchase price, the property came with annual maintenance charges for the holiday park where it's located. Despite these additional costs, he acknowledged the property's attractive price point for investors.
"What a really interesting opportunity here," Martin remarked. "But do remember this could only be used as a holiday let, you couldn't live here. That's a really important point."
Successful Auction Outcome
The property ultimately sold at auction for £50,000 to investor Mia, who saw potential in the holiday let despite its usage restrictions. Martin returned to Cornwall six months later to assess the refurbishment progress and discovered promising financial projections.
Following consultation with an estate agent, Mia learned she could potentially generate between £19,000 and £23,000 annually through holiday rental income from the property. Martin concluded the segment by describing it as "a promising investment" for those willing to work within the property's limitations.
The episode serves as a reminder to property investors to thoroughly research restrictions before purchasing, particularly with holiday lets that may come with specific usage conditions preventing residential occupation.
