A two-bed house has been confirmed as the cheapest property on the UK market – and it could be yours for just £25,000.
The price for the County Durham home in the north east is so low that to secure the 10 per cent deposit to buy it, you would only need £2,500.
As well as two decent-sized bedrooms, the pad has two reception rooms and some outside space.
The house in the small town of Horden, in County Durham, has been listed on property portal Zoopla but as you would expect, the inside needs plenty of work.
There’s no carpet anywhere and all the windows have been bordered up as it awaits a new owner.
But perhaps the biggest issue is what looks like a big hole in the kitchen ceiling.
The average house price in the UK currently stands at nearly £270,000, according to the Land Registry.
Whoever gets their hands on the keys to the property would be getting the home at £243,349 under the standard price.
Horden is around 20 minute from Sunderland and estate agents don’t think the house will be on the market for long.
Durham is one of two locations in the North East of England where average house prices haven’t yet recovered from the 2008 credit crunch.
Durham and Hartlepool have failed to return to pre-housing crash levels of 14 years ago when prices went into meltdown, stats show.
Overall, the cost of property continues to soar during the pandemic, figures show – but there are some notable exceptions.
Recent statistics, released by home setup service Just Move In, show the average home in Durham was £119,447 in the latest Land Registry figures – £2,890 below its £122,337 pre-crash peak.
Ross Nichols, Co-founder of home setup service Just Move In, said: “The housing market has exploded over the past year, but it’s sobering to think that parts of the country have only recently recovered to the levels they were before the 2008 crash.
“Hartlepool and Durham are the last two parts of the country that still haven’t hit that level, while Blackpool and Middlesbrough only recovered in the most recent figures.
“There’s a North-South divide when it comes to the recovery, with London and other Southern cities bouncing back quickly, while Northern areas are still lagging behind.”