If you’ve been following the news recently you’d know that many major cities across the globe are undergoing a property bubble. In some cities, such as London, this has created a ‘housing crisis’ as wages aren’t rising in line with the property boom, implying potential first-time home owners are being priced out of the market.
Apparently, this isn’t happening in the same way in Sunderland. A house had gone on the market in Ashbrooke, Sunderland and although it’s cheap, it might need a bit of work.
The property, on 25 Tunstall Terrace West, is going to auction tomorrow and will start at the astonishingly low price of just £1 ($1.31). Estate agent Andrew Craig’s website reads: “Attention Buyers! No Buyers Premium To Pay! Guide price £1. Yes, you have read this correctly £1 with no reserve.”
While you might be thinking ‘what’s the catch’, lets take a look:
The listing adds: “A Health and Risk Assessment has been carried out upon the building and hazards of a serious nature were noted. Anyone wishing to inspect are required to sign a disclaimer and enter at their own risk.”
You can’t even take a peek at the property without signing a waiver on the chance of you getting injured after stepping inside. But considering that terraced properties on the same street have sold for between £38,000 ($49,900) and £105,000 ($137,897) over the last few years, £1 is a rather decent bargain.
It will be exciting to see how many people turn up for the big sale tomorrow and whether someone will get it for just £1.
(Images via: Andrew Craig)