Much of the property market may be out of reach for first-time buyers in Britain, but one house in West Yorkshire is going on sale for just £1.
Housing company Property Saviour is putting the house up for auction next month, and says it could be the cheapest home in the UK.
The home is a terraced house in Bradford and has three bedrooms, on a street where the average property sells for an average of £67,000 ($85,789), according to Rightmove (RMV.L).
But of course, there is a catch. The property was gutted by a severe fire in 2015, with many of the rooms heavily damaged and in sore need of major renovation work.
Saddat Abid, senior buyer at Property Saviour, said: “This is a rare opportunity and perfect for a homeowner who wants to end up a with a mortgage-free affordable home. For those looking for a new year renovation project — it could be a goldmine.
“Because of its current condition, there will be no council tax to pay on the property, meaning potential owners could save whilst they renovate. We’ve made sure the internal rubbish from the fire damage has been removed,” he added.
Bids for the property will begin at £1 at the sale in Leeds on 12 December, via Auction House.
It is far from the first £1 property to go on sale in the UK however, with Liverpool council currently selling off 120 derelict properties under a Homes for a Pound scheme.
Liverpool’s £1 homes, featured in the Channel 4 series The £1 Houses: Britain’s Cheapest Street earlier this year, were part of an initiative to regenerate part of the city.
The dozens of homes sold off so far have proved popular with new buyers despite some delays moving in, with the council reporting a long waiting list.
The Liverpool properties may cost next to nothing, but buyers are required to invest their own money in bringing them up to a decent standard.
They also have to live in the properties themselves for at least five years, whereas the property for sale in Bradford can be used as its new owner sees fit.