A COSY one-bed cottage could be yours for just ONE pound – but the home comes with a jaw dropping twist.
Potential home buyers will have to be quick to snap up the bargain property and must be prepared to spend more than £1 for their dream home.
Pictures show from the outside show the windows are all boarded up while the yard is littered with weeds and old furniture.
Despite it’s jaw-dropping price, the home on South View Terrace, Houghton Le Spring, Sunderland, is in need of a major renovation.
Currently the home has received 12 bids and is sitting at £2,803.
According to estate agents Pattison, the home it could be a great investment opportunity for the right buyer.
The home comes with one bedroom, one bathroom, a separate kitchen and living room as well as the yard to the rear and a garden space at the front.
It is situated just more than five miles from Durham Railway Station, meaning locals can be in the capital in less than three hours.
According to online records, it was last sold in 2000 for £12,000.
A spokesperson for Pattinson said: “We thought the best strategy was to put it at £1 starting bid, we’ve had one similar in the past which shot the price right up so we tried the same with this.
“We’ve already got a lot of interest in it. There around five or six bidders on it at the moment.
“There is a lot of work that needs done but it could be a great investment for the right buyer.
“It could be ideal for someone who is just starting out in property rental because it is a cheap property.”
The spokesperson added: “They might want something that they can get cheap and to say they have flipped a £1 property.
“But then it could also appeal to experienced property developers that already have a team behind them who could go in straight away and do the work on it.”
The advert for the cottage emphasises the potential the home has for first time buyers and investors.
It says:”We are excited to welcome to the market this spacious one bedroom cottage with great potential on South View Terrace, Houghton-le-Spring, in need of renovations.
“The property consists of an entrance porch, lounge/dining room, kitchen and bathroom on the ground floor.
“Externally there is a garden to the front and a yard to the rear.
“This property is in close proximity to the primary and secondary schools as well as local amenities and has good transport links to Houghton town centre, Chester-Le-Street and Durham.
“The property is a short drive away from Hetton Lyons Country Park, Chester-Le -Street Riverside Park and Penshaw Monument.”
According to Rightmove, the property is available via an online auction and will be sold as seen.
