Seaside House in County Durham Sells for Just £3,500

A three-bedroom house in Horden, a popular seaside village in County Durham, has been sold for a remarkably low price of just £3,500. Initially listed with a guide price of only £1, the mid-terrace property went under the hammer with William H Brown auctioneers, attracting significant attention due to its bargain price.

The final sale price, however, was higher than the auction bid. The buyer is responsible for an additional £12,000 in auction fees, bringing the total expenditure to £15,500. The property was described as needing “full refurbishment and modernisation,” but it holds potential for significant transformation, including plans to convert it into a four-bedroom home or two separate apartments, pending local council approval.

Development Plans and Local Context

Located between Hartlepool and Sunderland, the house sits in an area earmarked for regeneration under the Horden Masterplan, approved in September 2024. This plan includes more than £6 million in investment aimed at revitalising the community, with some older houses potentially facing demolition to make way for new developments.

The auction documents also indicated that the property might be affected by a potential compulsory purchase order, which would allow the local council to reclaim the house for development purposes. This uncertainty likely contributed to its low auction price.

While the average property value in the UK stands at £265,500, this house is approximately 76 times cheaper. Specifically, the average terraced house in County Durham sells for around £114,000, making this property roughly 32.5 times less expensive than usual.

Buying such a low-cost property does come with significant risks. The new owner may need to invest tens of thousands in redevelopment to make it habitable. Given the condition of the house, prospective buyers should carefully consider their financial capabilities and the potential for unexpected expenses.

This unique sale highlights the challenges and opportunities present in the current UK housing market, particularly in areas undergoing significant change. The allure of low prices can be tempting, but buyers must weigh the potential costs of renovation and the risks associated with properties in transition.