If you've been keeping up with the news recently you'd know that many major cities across the globe are experiencing a property bubble. In some cities, such as London, this has created a 'housing crisis' as wages aren't rising in line with the property boom, meaning potential first-time home owners are being priced out of the market.
Apparently this isn't happening in the same way in Sunderland.
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A house had gone on the market in Ashbrooke, Sunderland and although it's cheap, it might require a bit of work.
The property, on 25 Tunstall Terrace West, is going to auction tomorrow and will start at the incredibly low price of just £1 ($1.31).
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Estate agent Andrew Craig's website reads: "Attention Buyers! No Buyers Premium To Pay! Guide price £1. Yes, you have read this correctly £1 with no reserve."
While you might be thinking 'what's the catch', well take a look:
Credit: Andrew Craig
Credit: Andrew Craig
Credit: Andrew Craig
Credit: Andrew Craig
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The listing adds: "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."
You can't even take a look at the property without signing a waiver on the chance of you getting injured after stepping inside.
But considering that terraced properties on the same street have sold for anywhere between £38,000 ($49,900) and £105,000 ($137,897) over the last few years, £1 is a pretty decent bargain.
It will be interesting to see how many people turn up for the big sale tomorrow, and whether someone will get it for just £1.
Featured Image Credit: Andrew CraigTopics: Cheap