A BEACH hut in need of restoration has sold for a whopping £275,000 in less than 24 hours of going on the market.

The bright yellow hut was sold to a cash-ready buyer at the head of a 30-strong waiting list for the exclusive cabins on Mudeford Spit.

And with an increasing demand for the timber huts and a limited supply, sale prices are tipped to break the £300,000 mark in the near future.

For the same price you could buy a five-bed detached house in Lincoln or a three bed quay-side flat in Newcastle.

The 350 huts at the Mudeford sandbank are the most expensive in Britain.

They are so desirable because of their isolated sandy position. To reach them requires a 30 minute walk or a ride on a novelty land train or a short ferry ride.

The huts can be slept in from March through to October but they have no toilet, running water or mains electricity and owners have to share a communal shower block.

The one that has just sold is in a pretty basic condition compared to some of the others but does have fantastic panoramic views of Christchurch Bay thanks to its elevated position.

As well as the £275,000 price, the new owners will also have to pay annual rates to Christchurch Borough Council of about £500 and a licence fee of about £4,500 a year.

Denisons Estate Agents, who were behind the latest sale, have a long waiting list of people holding out for their dream beach hut to become available.

Andy Denison, of Denisons, said: "The whole beach hut market at Mudeford is really driven by location.

"We've probably sold around 40 huts over the years and have found people will pay almost anything for the right hut.

"We have a waiting list of between 20 to 30 people all of whom are waiting for the perfect beach hut to come along.

"The latest buyer came from that list, as he's been keen on that location for quite some time.

"We find that this time of year is great for people buying them because it gives them a bit of time to get ready for summer.

"There's not really any sort of formula when it comes to prices, people tend to take a long-term view on them and will pay big prices."