(Picture: North News & Pictures Ltd)
News about the housing market tends to be nothing but doom and gloom – but this could be a small ray of light.
A three-bedroom property has gone on sale for just £5,000 – the same price as a ten-year-old Fiat.
The terraced abode, of St. Oswalds Street, Hartlepool, County Durham, is on the market with a tiny guide price, and is set to be sold at auction.
The property comes with tenants who rent at £500 a month meaning landlords could rake in an annual £6,000 and pay for the house in less than a year.
For the same price you could get a 2012 Fiat 500 Hatchback, or a Louis Vuitton vintage suitcase.
The living room (Picture: North News & Pictures Ltd)
Brendan Pearce, lettings valuer at Royal Estates, Birmingham, says: ‘The price is so low because it’s an auction and we want people to be interested in the property.
‘If someone actually buys it for £5,000 in the auction they’ve found a gold mine.’
One of three bedrooms (Picture: North News & Pictures Ltd)
He says the family home would be perfect for first time buyers.
‘They can get a bargain through auction and evict the tenants within two months, which sounds a bit mean, but you can,’ he says.
The family bathroom (Picture: North News & Pictures Ltd)
And the kitchen (Picture: North News & Pictures Ltd)
‘Or, if you are an investor wanting to add more properties to your portfolio you already have an income stream.
‘It’s a really nice property and well-looked after. There’s a stigma that auction houses are bad properties but that isn’t the case anymore. Auctioning is more about competitive bidding where people can get a good price and the vendor can sell the property easier than traditional sales and have the money cleared within 28 days.’
The property comes with tenants who pay £500 per month (Picture: North News & Pictures Ltd)
The house boasts an entrance hall, lounge, dining room, kitchen, three bedrooms and a family bathroom.
It is also a stones throw away from Hartlepool marina and local amenities.
Additionally, the home is only 0.7 miles from Hartlepool Station so new owners could be in the nation’s capital within four hours.
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