House snapped up for £9,000 in the North-East of England

A roofless house in Stockton, Teesside has been snapped up at auction for a mere £9,000 by a private investor in Lancashire.

The starting price for the end-terrace property in Lime Tree Close was just £5,000; it is estimated that the rundown house will cost around £27,000 to renovate.

Michael Baines, manager of the Stockton branch of estate agents Pattinson – the company the property was bought through, said it was the cheapest house he had seen during his career and it was "snapped up in just two weeks".

He said that the majority of the properties in the area where the house is situated sell for about £45,000, so, in his words, "this was a bargain."

He commented that he didn't believe the credit crunch was the reason behind the low price, saying: "house prices do not seem to have fallen that dramatically in the North East."

Mr. Baines said that the state of the house and the cheap renovation costs were likely to be the explanation for the low price.

The property was sold by a private investor based in Newcastle at the auctions held at Newcastle Falcons Rugby Stadium.

Source: bbc.co.uk | Last updated: 3rd February 2009

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