Bargain hunters are in with a chance to buy a three-bedroom terraced home in County Durham for just £10,000 – less than the cost of a luxury second-hand Rolex watch.
The property in Stockton, County Durham is currently one of the cheapest properties currently listed for sale – costing around 96 percent less than the average property price in the UK.
The three-bedroom family home on Tithe Barn Road is ‘in need of updating’ – but agents say it could fetch a profit if it was resold after a few improvements.
For a buyer putting down a standard 10 percent deposit of just £1,000, monthly mortgage repayments would work out at just £62 over a 15-year period for the North East home.
The house has garnered plenty of interest since the auctioneers listed the property and is nearly £1,000 cheaper than a 2020 edition second-hand Datejust Rolex watch – which retails on average for £10,995.
If the property sells at its guide price, Britons looking to bag themselves a bargain will pay £266,755 less than the average British house price which is currently £276,755, according to the latest Land Registry figures.
A spokesperson for Taylor James Auctions, said: ‘This a great opportunity for the right buyer given its guide price. It could be an idea for a family but the property could also appeal to someone who wants to do it up to see if they can get more money from it.
‘I think it could be suited to either. It’s also not in bad condition either and there’s not too work to be done.
‘Sometimes we can’t have viewings on auction properties because they need a lot of work done and aren’t safe but we already have viewings booked for this one.’
Images of the property show it is in need of renovation with pictures of the kitchen revealing missing cupboard doors and scratched tiles.
However, the property is in relatively good condition and offers a front lawn, a rear yard, a spacious living room, a family bathroom and a kitchen-diner.
Two of the bedrooms are also of good size whilst the third would be more suited towards a single bed.
Despite the low guide price, the property is expected to gain plenty of interest for those who want to resell.
They added: ‘Really the guide price is just what the bidding will start at, it will hopefully get more people interested.
‘Some people will be interested in doing it up and sometimes people call their local estate agents but it just depends.
‘We can never really guess how much it will go for.’
The average price for a terraced house in Stockton was £106,000 over the past year.
The house is being auctioned for £10,000 by Taylor James Auctions and is set to take place on May 18 at 8am.