Britain's cheapest house at £2,500 in online auction

Published by 24publishing for 24dash.com in Housing and also in Central Government, Communities, Local Government

A two-bedroom terraced home in a former mining village in County Durham has gone up for sale and is thought to be Britain's cheapest house.

The property at 25 Faraday Street in Ferryhill is under the hammer with a starting bid of £2,500.

Would-be buyers can bid for the property online with just three days remaining. The auction ends on 9 August at 7pm.

Auctioneers, Iam-sold, says the property is in need of "full refurbishment" but offers "great potential for developers and landlords".

It warns, however, that the property is subject to an "undisclosed reserve price".

The home includes two bedrooms, a first floor, kitchen and a lounge.

In June, house price forecasters, the Cebr, warned of a widening gap between north and south house prices. It reported a 2.4% rise in London prices alongside a North East drop of 2.7% for 2012.

A further, though less rapid widening is forecast for 2013, with London prices rising a further 2.3% and North East prices dropping 1.3%.

According to Britain's Property Rich List for 2011, released by Zoopla in June, London and Surrey are the areas with the highest value properties, with average prices ranging from £680,611 to £1,737,862.

In contrast, the lowest value areas are in the North - the lowest in Middlesbrough, with others in the top 20 including Grimsby, Sheffield, Liverpool, Hull, Doncaster and Bradford, with prices ranging from £41,601 to £78,579.

Land Registry figures for June show an annual house price increase of 0.9% across all properties in England and Wales, making the average house price £161,777.