Okay, I'm not gonna lie. When I first saw this listing, I spat coffee all over my laptop. ONE POUND?! For an entire house? In this economy? I've spent more on a sandwich at Pret this morning.
But before you start packing your bags for Horden, County Durham, let me tell ya - there's a catch. Isn't there always?
What exactly do you get for your quid?
This three-bed terrace comes with what estate agents politely call "potential" - which is code for "total disaster zone." The windows are currently boarded up (always a promising sign...), and the place needs what the listing describes as "refurbishment and modernisation." Translation: it's probably been decades since anyone changed a lightbulb in there.
I drove past a similar property in 2019 when visiting my cousin in Durham. The entire street looked like something from one of those gritty BBC dramas where everyone's miserable and it's always raining.
The backstory feels kinda sad
These houses weren't always neglected. Third Street was originally built for miners working at teh local colliery. Families lived here, kids played in these streets. Now it's part of some "regeneration project" that'll eventually see these historic terraces demolished for shiny new builds.
God. There's something heartbreaking about that.
The abandoned shop next door only adds to the ghost town vibes. My editor suggested I try to get inside for photos, but there's literally no internal viewings available. You're bidding blind, folks!
So... why would anyone actually want this?
Location, location, location! (Sorry, couldn't resist). Despite its obvious challenges, this place is less than 30 minutes from Durham city centre and close to Sunderland. For investors with vision and a healthy renovation budget, this could be the bargain of the century.
The current owner has apparently drawn up plans showing how it could be converted into two separate apartments - one with one bedroom, one with two. That could mean decent rental income eventually... if you're willing to pour about £50K into it first.
Fancy taking a gamble?
The auction goes live on Tuesday May 20th with William H Brown auctioneers. You can bid online, by phone, or if you're feeling particularly brave, in person at the Grand Connaught Rooms in London.
I messaged my property developer friend about this listing. His response: "Would rather set fire to my money while dancing naked in the rain." Harsh but fair.
Still... for £1...
I mean, I've bought lottery tickets with worse odds. My husband thinks I'm actually considering it. (I'm not. Or am I? Our flat in London is the size of a shoebox and cost us nearly half a million.)
The listing also mentions the property is part of the "Horden Masterplan" which was approved back in September 2024. I tried looking this up and spent 45 minutes in a rabbit hole of local council planning documents. You're welcome.
No comment from William H Brown auctioneers when I reached out. Probably too busy fielding calls from every bargain-hunting property enthusiast in Britain.
Would you take a punt on a property you can't even look inside? Let me know if you're brave enough to bid... I might come visit when you're knee-deep in renovation hell.
Frequently Asked Questions
What is the importance of financial literacy?
Financial literacy is essential for making informed decisions about budgeting, saving, investing, and managing debt. It empowers individuals to understand financial concepts, evaluate risks, and navigate complex financial products, leading to better financial stability and long-term wealth building.
How does inflation affect the value of money?
Inflation refers to the general rise in prices over time, which erodes the purchasing power of money. As inflation increases, each unit of currency buys fewer goods and services, meaning that the value of money decreases in terms of what it can purchase.
What is a budget deficit?
A budget deficit occurs when a government's expenditures exceed its revenues over a specific period, usually a fiscal year. This can lead to increased borrowing and national debt if not addressed through spending cuts or revenue increases.
What are credit scores and why are they important?
Credit scores are numerical representations of an individual's creditworthiness, calculated based on credit history, payment behavior, and debt levels. They are important because they impact the ability to obtain loans, credit cards, and favorable interest rates, affecting overall financial health.
What are the main functions of money?
The primary functions of money are as a medium of exchange, facilitating trade; a unit of account, which provides a standard measure of value; a store of value, allowing individuals to save and transfer purchasing power over time; and a standard of deferred payment, enabling credit transactions.
What are the different types of money?
The main types of money include commodity money, which is based on physical goods like gold or silver; fiat money, which is government-issued currency not backed by a physical commodity; and digital currency, which exists electronically and is often decentralized, such as cryptocurrencies.
How can I start saving for retirement?
To start saving for retirement, begin by establishing clear retirement goals and determining how much you need to save. Contribute to employer-sponsored retirement plans, such as a 401(k), and consider opening an Individual Retirement Account (IRA). Regular contributions and taking advantage of compounding interest can significantly boost your retirement savings over time.
Statistics
- The average return on investment for the S&P 500 over the past 90 years is about 10% per annum.
- In 2020, the average retirement savings for Americans aged 60 to 69 was approximately $195,000, according to Fidelity.
- Research by the National Bureau of Economic Research found that individuals who receive financial education are 25% more likely to save than those who do not.
- As of 2021, the average student loan debt for recent graduates was approximately $30,000, according to the Federal Reserve.
- According to the World Bank, around 1.7 billion adults worldwide remain unbanked, lacking access to basic financial services.
- As of 2021, the average American household had approximately $8,400 in credit card debt, according to Experian.
- The average cost of raising a child in the U.S. is estimated to be around $233,610, according to the U.S. Department of Agriculture.
- According to a Gallup poll, 56% of Americans report that their financial situation is better than it was a year ago.
External Links
How To
How To Choose the Right Insurance Policies
Choosing the right insurance policies is crucial for protecting your assets and financial well-being. Start by assessing your needs based on your lifestyle, dependents, and financial situation. Research various types of insurance, such as health, auto, home, and life insurance, to understand the coverage options available. Compare quotes from multiple insurance providers to ensure you are getting the best rates and coverage. Read reviews and seek recommendations to gauge the reliability of the insurance companies. Finally, regularly review your policies to ensure they evolve with your life changes, adjusting coverage as needed for optimal protection.
PoliticsRoyaltySoap OperaGamingMoneyPrivacy PolicyTerms And Conditions
