A two-bed terraced house in Peterlee, County Durham is set to go on sale this week for the incredibly low price of just £5,000.
With average house prices exceeding £260,000 for the first time in February, competition will no doubt be fierce when this freehold property goes to online auction.
The house is “in need of renovation”, Zoopla says, and the property site certainly isn’t exaggerating. Each room has been entirely stripped of its furnishings and restoring the property will be no quick feat.
But when you consider that the average first-time buyer deposit is currently £53,935, according to Halifax, £5,000 is an astonishingly low starting price.
Bidding will begin on Tuesday 15th March at 12pm and close on Thursday 17th March, although interested buyers can submit prior auction offers now.
The flat is being auctioned through Under the Hammer, which notes: “Please be aware that the selling agents have not inspected this property and have been reliant on the seller(s) with the information provided.”
Inside the property, which Zoopla notes is a 25-minute car drive to Durham city centre, the ground floor accommodates a lounge/dining room and kitchen, as well as an entrance hall.
Upstairs there’s two bedrooms and a family bathroom, and there’s also a yard to the rear and a front garden - which is need of some of our best front garden ideas.
It's small, there's no denying that, but aspiring homeowners who aren't looking to regularly host large parties could find in this property a surprisingly affordable entry point onto the housing ladder.
Any potential buyers should be aware that the deposit for exchange of contracts on this property is 10% subject to a minimum of £10,000.
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Jack has worked in journalism for 11 years and is the News Editor for Homebuilding & Renovating, a role he has had since 2019. He strives to break the most relevant and beneficial stories for self builders, extenders and renovators, including the latest news on the construction materials shortage and hydrogen heating. In 2021 he appeared on BBC's The World at One to discuss the government's planning reforms.
He enjoys testing new tools and gadgets, and having bought his first home in 2013, he has renovated every room and recently finished a garden renovation.