A family home in Burnley has become one of the cheapest houses in the UK after being sold for just £10,000.
The area of Burnley, which is well known for its low housing prices, was revealed as having 12 of the 20 cheapest streets in Britain following the results of a property survey, carried out by property website Mouseprice earlier this year.
Estate agent John Dinsdale, whose agency sold the property located on Pritchard Street in Burnley, said that the property developer had landed a bargain, reports the Daily Mail. Mr Dinsdale said: "The house needs a lot of work but £10,000 is a good price - most cars cost more than that.”
The two bedroom terraced property was originally on the market for £15,000, but ultimately sold to a developer for £5,000 less than the asking price. The sale description of the property admitted that it was ‘in need of comprehensive repair / renovation - hence the modest asking price.'
The terraced family home had been on the market for six months.
“Three years ago you could not get a house in Burnley for less than £35,000 because everyone was buying property.
“Now it has gone completely the other way. However, I think the price paid here is about as low as you can go – the only way is up,” Mr Dinsdale continued.
The house on Pritchard Street is not the only cheap building in the area. Mr Dinsdale also recently agreed a sale on a house on Sandhurst Street which was on the market for £13,500 and a boarded-up property on Hunslet Street which cost £10, 000.
Mr Dinsdale explained: “These types of properties appeal to investors who do all the structural and renovation work and then sell them on at a profit.”
Leave a comment