Two-bedroom house with garden goes on sale for just £1 - but there's a catch of course

A two-bedroom home with a garden and close to the historic city of Durham could be yours for just £1 as it goes on auction without a reserve price.

The semi-detached house in Peterlee might need a clean up as rooms are strewn with debris but it does have a newly fitted kitchen and bathroom.

And though the property could sell for less than the cost of a loaf of bread the bedrooms need renovating at an estimated cost of £5K.

As well as two bedrooms it has a garden and solar panels, while just a half hour's drive away from Durham.

Gareth Carr, head of sales and business development for the North East at Town & Country Property Auctions, says the bargain price is due to the seller having no reserve fee - a minimum amount the home must sell for.

The two-bedroom house will be auctioned with a starting price of £1 (North News & Pictures Ltd northnews.co.uk)

The house needs debris removed and a clean up (North News & Pictures Ltd northnews.co.uk)

He said: "The sellers haven't placed a reserve fee on the property, which means if someone bids £1 and no-one places a higher bid it has to sell at that price.

"It's a re-possession property so the bank just wants to get whatever they can back for their costs. Obviously, we're expecting it to sell for much more than a quid, maybe around £40-£50k but this gets people talking about the home, and who knows, it could happen.

"We've had a lot of interest in it so far. It's a well maintained property and the new owners would only have to renovate the bedrooms, which would cost around £5k.

"Other houses on that street sell for around £70k so you would still be getting a bargain, even if the price goes up by a few grand."

The abode, on Delavale Close, Peterlee, County Durham, features two bedrooms, a living room, kitchen and garden.

Pictures of the home show a cosy living room with a fire place and a kitchen complete with a fridge and washing machine.

The property is in a great location as it is also only a two minute drive from Bears Ridge nature reserve while less than a mile from local amenities such as shops, cafes and an Asda superstore.

Gareth added: "It's perfect for first time buyers. It isn't a typical auction where you sit in a room and bid, it's all online and we accept mortgages."