The Tyne and Wear home has been advertised as an ‘investment opportunity’ which has interested some would-be buyers, but some have questioned whether it is worth even £1
A two-bedroom house has been placed on the marked for just £1, but the pocket-change property’s sale comes with a potentially deal-breaking catch.
The mid-terrace home is officially the cheapest on the market in Houghton Le Spring, Tyne on Wear, where house prices are already among the lowest in the UK. But unlike the other homes, worth an average of £172,892, the £1 property comes with a warning sign, as it is boarded up on the outside.
Prospective buyers who arrange a viewing will find extensive burn damage throughout, including missing windows, gaping holes and singe marks to the property’s frame.
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Alongside the boarding up on the outside, the top bedroom window has no glass in it and there is fire damage around the frame but the property is set to go under the hammer with a guide price of less than a single Freddo.
There are black marks on the fascias and cladding, and out the back there is a huge, gaping hole in the roof and scaffolding has been erected, which is visible from the rear.
The backyard has also been turned into a furniture graveyard, with a massive pile seen out the back blocking entrance to the home’s rear access. According to Pattinson, the estate agents selling the home, it boasts a lounge, dining room, kitchen, bathroom and the two bedrooms inside.
But due to the damage there are no photos of the interior, and the agents have marketed the property as an “ideal investment opportunity”.
They state that, once it is fully renovated, the new owners could make up to £550 per month in rent, at the mid point in the area’s typical rent range – which is typically between £300 and £900. The listing states that the home is in an “ideal location” will be “sold as seen” via an online auction.
The listing reads: “Ideal Investment opportunity, potential rental income £550 per calendar month, popular location.” It adds: “Sold as seen, to be sold via online auction.
“The property briefly comprises of a living room, dining room, kitchen and a bathroom. To the first floor, two bedrooms. Externally the property has a rear yard. The property is in an ideal location with major bus routes into Sunderland, Durham and Newcastle.” Despite the enticing price, home hunters are split, with one suggesting it may not even be worth that.
They said: “I’m not sure it’s worth the whole pound.” A second suggested that buyers could get a “decent profit” if they renovate the home, given the price of other properties.
They said: “A similar property that’s not been burnt is about £75,000. Other two beds seem to be £150,000. So if you could buy it and repair it for about £35,000 to £40,000 you’ve got a decent profit. Or a decent first time home, assuming a low sale price.”
The Mirror has contacted Pattinson for comment.
