Bargain hunters have the opportunity to buy a three-bedroom terraced house in County Durham for just £10,000, less than the cost of a second-hand luxury Rolex watch.
The property in Stockton, County Durham is currently one of the cheapest properties currently on sale – costing around 96% less than the average UK property price.
The three-bedroom family home on Tithe Barn Road is ‘in need of refurbishment’ – but agents say it could turn a profit if resold after some upgrades.
For a buyer putting down a standard 10% down payment of just £1,000, monthly mortgage repayments would amount to just £62 over a 15-year period for the North East home.
The house has attracted a lot of interest since auctioneers listed the property and its indicative price makes it almost £1,000 cheaper than a pre-owned Datejust Rolex 2020 edition watch – which sells for an average of £10,995 £.
Bargain hunters could buy a three-bedroom (middle) terraced house in County Durham for just £10,000 – less than the cost of a second-hand luxury Rolex watch
The property in Stockton, County Durham, is currently one of the cheapest properties for sale – costing around 96% less than the average UK property price. Pictured: The living room is upholstered in a neutral feather print and a marble-style fireplace
The house has attracted a lot of interest since auctioneers listed the property which is almost £1,000 cheaper than a pre-owned 2020 edition Rolex Datejust watch (pictured) – which sells for an average of £10,995
Pictures of the property show it needs updating as the kitchen is shown with cupboard doors missing and scratched tiles
The garden includes a brick outbuilding – but its red door appears to have been left on the patio
A spokesperson for Taylor James Auctions said the property could be suitable for a family or an investor, adding that “it’s not in bad shape” and “there isn’t too much work to do.” To do”. Pictured: The property’s bathroom
If the property sells at its guide price, the auction winner will pay £266,755 less than the average UK house price which is currently £276,755, according to the latest Land Registry figures.
A Taylor James Auctions spokesperson said: ‘This is an excellent opportunity for the right buyer given its indicative price.’ This could be an idea for a family, but the property could also appeal to someone who wants to develop it to see if they can make more money out of it.
“I think it could suit either of them. It’s not in bad shape either and there’s not too much work to do.
“Sometimes we can’t have viewings on auction properties because they are labor intensive and unsafe, but we have already booked viewings for this one.”
Pictures of the property show it is in need of an update with photos of the kitchen revealing missing cupboard doors and scratched tiles.
If the house sells for £10,000, the buyer will pay £266,755 less than the average UK house price – which currently stands at £276,755, according to the latest Land Registry figures. Pictured: the view from one of the three upstairs bedrooms
Two of the bedrooms are also a good size while the third would be more suitable for a single bed. Pictured: The front of the house
The property is in relatively good condition and offers a front lawn, rear courtyard, spacious living room, family bathroom and kitchen diner
Despite the low indicative price, the property should generate a lot of interest for those wishing to resell. Pictured: The view of the garden from the living room
The home offers a front lawn, back yard, spacious living room, family bathroom and kitchen-diner.
Two of the bedrooms are also a good size while the third would be more suitable for a single bed.
Despite the low indicative price, the property should generate a lot of interest for those wishing to renovate and resell.
They added: “Really the target price is exactly what the bidding will start at, hopefully that will interest more people.”
“Some people will be interested in doing it and sometimes people call their local estate agents, but it depends.
“We can never really guess how much it will go.”
The average price for a terraced house in Stockton was £106,000 over the past year.
The house is being auctioned by Taylor James Auctions with minimum opening bids of £10,000 and is set to take place on May 18 at 8am.