This run-down bungalow in Peckham just sold for £1m because the world is INSANE

If only Del Boy and Rodney had taken advantage of Thatcher's Right to Buy in the eighties, they'd have had to wait until now to become millionaires by default.

A run-down bungalow in South London's Peckham has just sold for almost a million pounds at auction - and it doesn't even have a fitted bathroom.

A flurry of bids came in for the property, owned by Southwark Council, located on the junction of Costa Street and McDermott Road. The auction, conduced by Savills, saw the price rise to an astonishing £920,000.

The bungalow is close to the popular Bellenden Road and Peckham Rye station and consists of an entrance hall, three rooms, kitchen, a 'bathroom area' and a separate toilet.

For those of you (us included) who assumed that it would be bought in order to knock down and immediately build a massive block of flats well, it's not quite that straightforward - it comes without planning permission.

The council had decided to sell after the cost of renovation had become too high, with Councillor Richard Livingstone, cabinet member for housing at Southwark Council saying that he was "extremely pleased" with the sale. Well, we suppose he'll be the one the new owners will be (allegedly) bribing to get that planning permission won't he?

Chris Coleman-Smith, head of Savills Auctions, said: "There was quite a lot of interest in it and bidding started at £600,000, so people weren't messing around. It was a good result and there is certainly scope for the buyer to achieve a good return."

(Image: Savills)