10 houses going up for sale with a starting price of just £1

House prices may be out of reach for many, but in some parts of the UK, homes are exchanging hands for just £1 in a bid to give them a new lease of life.

The properties in County Durham and Sunderland have been given a bargain basement reserve price because they are boarded up, in serious need of renovation or only available for external viewings.

In County Durham, the 'nil' properties include houses in Stanley, Seaham and Bishop Auckland, and in Sunderland, there is three bedroom property on Hastings Street.

The properties are going under the hammer in Bond Wolfe Auctions' sale on February 27 at the Holte Suite at Aston Villa FC.

Gurpreet Bassi, chief executive of Bond Wolfe Auctions, said: "Each of these properties obviously needs substantial investment, time and effort to return them into decent homes, but for the right investors they could be great bargains."

Bassi explained that despite the 'nil' reserve prices, prospective owners would still have to pay the standard auction administration fee of £1,074 including VAT for each property, and each property was likely to increase in price because of intense bidding.

"It's becoming quite a thing in auctions to give properties 'nil' or £1 reserve prices because sometimes they really do need a bump-start to get the right potential bidders involved," he added.

"But I've never had an auction with as many as 38 houses with ‘nil’ reserve tags, and this range of properties is likely to attract strong interest from potential buyers."

Nil reserve

95 Third Street, Horden, Peterlee, County Durham

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This property two bedroom house on Third Street has two reception rooms, a kitchen and bathroom.

It benefits from having UPVC double glazing but is need of modernisation.

17 Eleventh Street, Horden, Peterlee

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It has a reception room, kitchen, landing, two bedrooms and a rear yard.

26 Twelfth Street, Hordern

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The boarded up property on Twelfth Street in Horden has three bedrooms, reception room, kitchen, landing and rear year.

5 Argent Street, Peterlee

This property is in need of refurbishment work and there has been no inspection.

Located on Argent Street in Peterlee, there are three bedrooms, a landing, bathroom and rear yard.

11 Jane Street, Stanley, County Durham

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This two bedroom mid terraced house at 11 Jane Street in Stanley has a landing, bathroom and rear garden.

It also has a gas fired central heating system and UPVC double glazing.

9 Henry Street South, Seaham

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There are two reception rooms, a kitchen and bathroom in this property on Henry Street South in Seaham.

There are also two bedrooms and viewing is externally only.

13 Henry Street North, Seaham

Standing back from the road behind a foregarden, this two bedroom house can be found on Seaham's Henry Street North.

It has a reception room, kitchen, bathroom and rear yard, as well as gas fired central heating and double glazing.

The rental income for the property is around £3,360 per annum.

16 Hastings Street, Sunderland

This three bedroom mid terraced house has a porch, hall, reception room, dining kitchen, rear lobby and bathroom (no fittings).

Located on 16 Hastings Street, Sunderland, it is a freehold property.

£1 reserve

Also in the auction catalogue are three properties with a guide price of just £1 each.

23 Brook Street, Bishop Auckland

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This is a two bedroom freehold property on Brook Street in Bishop Auckland.

There is a reception room, kitchen with no fittings, landing and bathroom, also with no fittings.

13 Margaret Street, Ludworth, Durham

Located in the pit village of Ludworth, the house has three bedrooms, a landing, rear yard and garage.

The property has been subject to fire damage and has no been inspected internally.

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