A modest two-bedroom house has hit the market for a mere £1, but the bargain property comes with a significant downside. Located in Houghton Le Spring, Tyne on Wear, the mid-terrace home stands out as the least expensive property in the area, where house prices typically hover around £172,892. However, potential buyers should take note of the property’s exterior condition, as it is currently boarded up and shows signs of fire damage, including missing windows and scorch marks.
The property, set to be auctioned with a guide price lower than the cost of a single chocolate Freddo, exhibits extensive burn damage inside and out. The top bedroom’s window is without glass, and the frame displays fire-related marks. Black marks can be seen on the fascias and cladding, while a large hole in the roof and erected scaffolding are visible from the rear of the property.
Furthermore, the backyard is cluttered with furniture, obstructing access to the rear entrance. The estate agents, Pattinson, describe the interior layout, which includes a lounge, dining room, kitchen, bathroom, and two bedrooms. Due to the property’s condition, interior photos are unavailable, and it is being marketed as an “ideal investment opportunity.”
Once fully renovated, the new owners could potentially earn up to £550 per month in rent, placing it within the area’s typical rent range of £300 to £900. The listing emphasizes the property’s favorable location and states it will be sold as seen via an online auction.
Despite the attractive price point, opinions among prospective buyers vary. While some question the property’s worth even at £1, others see the potential for a profitable renovation project given the comparably higher prices of similar, undamaged properties in the area.
The Mirror has reached out to Pattinson for further comments.