IT could be the cheapest home in Scotland. With a fitted kitchen, three-piece bathroom, master bedroom and a price tag of just (pounds) 5000, this flat bucks the trend of escalating house prices and an overheated market.

The estate agents behind the sale of the first-floor property in Glasgow's east end have already been inundated with calls from bargain hunters.

However potential buyers are in for a shock. The flat in Gibson Street overlooks the Barras market, has no floor in the bedroom, no rear wall, no windows and in terms of interior decoration, steel scaffolding is about as far as it goes.

Problems with an adjoining structure meant the building was previously deemed condemned, and although partly renovated since, the flat on the market is essentially a shell.

Nevertheless, the rock-bottom price has surprised the property community. House prices in Scotland have risen almost 20% in the past 12 months, with the average home in Glasgow costing (pounds) 103,066 - more than 20 times the price tag of the Barras residence.

A spokesman for the National Association of Estate Agents (NAEA) said it is a remarkable price but warned the hidden costs could be incalculable.

Countrywide, the estate agency, admitted the property requires ''a high level of structural upgrading and renovation'', but the NAEA, which boasts around 300 members in Scotland, was keen to stress to househunters that such cut-price deals can result in misery.

The spokesman said: ''It's certainly a remarkable offer, particularly given its location near one of the most appealing city centres in the UK. However, there can be hidden dangers.

''Many people are attracted to properties that have potential, but in some cases they end up getting their heads below the water. The challenge of renovating a dilapidated property can be exciting and challenging, but there is a great deal of money required, in this case possibly as much as (pounds) 50,000.

''Often many properties cannot be renovated,'' he added. ''The time and money needed proves too much and it takes guts and bravery to take on a task of this magnitude.''

The budget-priced flat is part of a B-listed warehouse building that once housed a Victorian claypipe factory.