'Rare opportunity' to buy house for as little as £1

Tuesday, 14th August 2018, 2:03 pm
Updated Tuesday, 14th August 2018, 6:46 pm

"The lowest starting priced property in the UK" could be yours next week for as little as £1.

The two-bedroomed terraced house is already attracting interest from "quite a few people" and will be auctioned online after an open viewing day.

Unoccupied for around five years, the home, which is near Chester-le-Street, suffers from damp but is said to be structurally sound.

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It also includes a lounge, kitchen, bathroom and yard.

Irfan Mohammed, a sales advisor with Newcastle-based Properties Under The Hammer, which is selling the house on behalf of its owner, said: "The reserve price is £1 so theoretically you could get it for £1.

"It is very rare. We have been going for a few years now and we have never had a property advertised for this price.

"People could get a real bargain."

The open viewing day takes place at the property, which is 27 Albert Street, Grange Villa, on Monday, August 20, between 10am-2.30pm.

The online auction will then begin until Thursday, August 23, when the highest bidder will claim the property.

Mr Mohammed added: "It could help people get on the property ladder for the first time or be attractive to someone adding to their portfolio.

"It is like a shell inside and needs a full refurbishment."

While no appointment is necessary on Monday, Mr Mohammed is still urging potential buyers to confirm their interest in advance by contacting [email protected]