Three bedroom house in popular seaside village sells for just £3,500: Would YOU move into this property?
The terraced house in Horden, County Durham sold for the grand total of £3,500, having gone under the hammer with William H Brown auctioneers.
The buyer also had to pay £12,000 in fees as a special condition of the sale - making the total £15,500.
The property is described as requiring 'full refurbishment and modernisation' and has the potential to become a four bedroom home spanning three floors.
The former owner also drew up plans to show how the house could be turned into two apartments - though either option would require planning permission from the local council.
Buyers weren't able to view the house before the auction as it had been boarded up - just one of the reasons for the low sale price.
The property is set within an area earmarked for regeneration within the Horden Masterplan, which was signed off in September 2024.
The masterplan includes more than £6million investment towards buying houses for redevelopment, with old houses potentially being demolished and rebuilt.
The auction documents state that the house could be subject to a 'potential compulsory purchase order,' meaning the council could effectively force the owner to sell it back to them in order to progress development plans - another reason for the low price.
The house is close to the centre of Horden and Horden beach, located between Hartlepool and Sunderland in the North East of England.
The bargain £3,500 price means this house is some 76 times cheaper than the average UK property value of £265,500.
The average terraced house in County Durham sells for £114,000, according to the latest Land Registry figures making this property 32.5 times cheaper than usual.
However, the buyer of this property is likely to have to spend tens of thousands redeveloping it.
How to find a new mortgage
Borrowers who need a mortgage because their current fixed rate deal is ending, or they are buying a home, should explore their options as soon as possible.
Buy-to-let landlords should also act as soon as they can.
Quick mortgage finder links with This is Money's partner L&C
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What if I need to remortgage?
Borrowers should compare rates, speak to a mortgage broker and be prepared to act.
Homeowners can lock in to a new deal six to nine months in advance, often with no obligation to take it.
Most mortgage deals allow fees to be added to the loan and only be charged when it is taken out. This means borrowers can secure a rate without paying expensive arrangement fees.
Keep in mind that by doing this and not clearing the fee on completion, interest will be paid on the fee amount over the entire term of the loan, so this may not be the best option for everyone.
What if I am buying a home?
Those with home purchases agreed should also aim to secure rates as soon as possible, so they know exactly what their monthly payments will be.
Buyers should avoid overstretching and be aware that house prices may fall, as higher mortgage rates limit people's borrowing ability and buying power.
What about buy-to-let landlords
Buy-to-let landlords with interest-only mortgages will see a greater jump in monthly costs than homeowners on residential mortgages.
This makes remortgaging in plenty of time essential and our partner L&C can help with buy-to-let mortgages too.
How to compare mortgage costs
The best way to compare mortgage costs and find the right deal for you is to speak to a broker.
This is Money has a long-standing partnership with fee-free broker L&C, to provide you with fee-free expert mortgage advice.
Interested in seeing today's best mortgage rates? Use This is Money and L&Cs best mortgage rates calculator to show deals matching your home value, mortgage size, term and fixed rate needs.
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Be aware that rates can change quickly, however, and so if you need a mortgage or want to compare rates, speak to L&C as soon as possible, so they can help you find the right mortgage for you.
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