Buy a house for £10,000

A TWO-bedroomed, mid-terrace house goes under the hammer later this month with a guide price of just £10,000.

The vacant property, which is on St Aidan’s Terrace in Trimdon Station, is four miles from the A1(M) and minutes from Peterlee.

Although the home is what’s known as “a fixer upper” all the basics are in place: a ground floor living room/kitchen, bathroom and toilet. Upstairs there are two generous sized bedrooms.

A 25-year mortgage with a ten per cent deposit would set you back just £48 per month.

The low guide price will come as a shock to anyone from the South-East looking to move north.

A similar sized terraced property in London would cost an incredible £643,652.

A number of other residential properties in the North East are also up for auction, including a two-bedroom terraced house in Coundon, near Bishop Auckland, with a £20,000 guide price, and a tenanted two-bedroom property nearby, guided at £15,000 and with a rental income of £3,900 a year.

The Leeds auction, which takes place at Elland Road Stadium on 23 February, includes other notable lots including the old Gardeners Arms pub in Bradford, a grade II listed building destroyed by fire in 2014. In need of complete refurbishment, the two-storey property has guide price of £55,000.

Also up for auction is the site of the former Railway Hotel in Gilberdyke near Brough in East Yorkshire, a plot of land close to Gilberdyke train station which has planning consent to build 29 two and three-bedroomed terraced, detached and semi-detached homes. The guide price for the site is set at £350,000.

Pugh managing director Paul Thompson said: “A staggering £4.7bn of property was sold last year at auctions nationwide and we expect to see that strong demand for property in the auction room continue to grow with positive economic forecasts supported by stable interest rates and inflation.”

He added: “The renewed commitment to the Northern Powerhouse means that we are seeing investors attracted to the North, fueled by lower capital values, good rental demand and large scale investment in infrastructure and the regional economy. We sell over 80 per cent of our auction lots on the day, a clear sign that investors remain positive and see good returns from property and land purchases.”

With the acquisition of Pugh by property consultant Eddisons in June last year, the firm has bolstered its position as the largest commercial auctioneer in the UK by lots offered. In 2016 Pugh sold £100m of property at auction.

The auction will take place at 12pm on 23 February at the Gary Speed Suite, Leeds United Football Club, Elland Road, Leeds.

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Written by: Houseladder