... the other’s Britain’s cheapest, a £1 Sunderland terrace so dodgy you sign a safety waiver to go in!
SOME 460 miles from pricey St Ives, you can pick up a three-bedroom property for just £1.
It might seem tempting – or even a bargain – to buy a house for less than the price of your morning latte.
But by acquiring the terraced house in Sunderland, you are not just taking a risk with your wallet.
The property is so run-down that its estate agents have made any viewers sign a health and safety waiver before even setting foot inside.
Would-be buyers wanting to view it are told they enter at their own risk after ‘ hazards of a serious nature’ were discovered.
The sales pitch includes the warning: ‘[A] Health and Risk Assessment has been carried out upon the building and hazards of a serious nature were noted. Anyone wishing to inspect are required to sign a disclaimer and enter at their own risk.’
Looking on the bright side, estate agents Andrew Craig describe the home, which has a lounge, a dining room, fitted kitchen and double glazing, as an ideal investment which ‘needs updating’.
The estate agent says there is ‘No buyers’ premium to pay! Guide price £1. Yes you have read this correctly, £1 with no reserve.’
In 2009, the property, 25 Tunstall Terrace West, sold for £105,000, but property website Zoopla estimates it is now only worth £5,000 more. It is set to be auctioned off. Over the past year the house, which is in the Ashbrooke district of the Tyne and Wear town, has lost 5.7 per cent in value despite its city-centre location.
As well as being just half a mile away from the city’s main railway station, it is also close to the Park Lane interchange, the university and Metro links, and is less than a mile from Sunderland Football Club’s Stadium of Light.
Despite appearances, the derelict house could be a savvy purchase for someone – as Sunderland tops the table of areas where salaries have been growing at a higher rate than property prices.
Wages there have seen an average rise of £650 in the past year, while house prices have dropped by about £8,185 – a 7.81 per cent difference.