Page last updated at 15:50 GMT, Tuesday, 3 February 2009

Roofless house sells for 9,000

House on Lime Trees
The house will cost about 27,000 to renovate

A roofless terraced property on Teesside has sold for 9,000.

The property in Lime Tree Close, a cul-de-sac in Stockton, Teesside, was sold by auction, with a starting price of 5,000.

A private investor in Lancashire bought the rundown end-terrace through estate agents, Pattinson.

Michael Baines, manager of the Stockton branch, said that it was the cheapest house he had seen in his career and it was "snapped up in just two weeks".

He said: "The value of the property was definitely the selling point here, they should be able to renovate the house for just 27,000.

"Most of the houses in this area are sold for around 45,000 so this was a bargain."

Mr Baines added: "I don't think it is the effect of the credit crunch, house prices do not seem to have fallen that dramatically in the North East.

"It is probably due to the state of the property and being able to renovate it cheaply."

The property was sold by a private investor based in Newcastle at the auctions held at Newcastle Falcons Rugby Stadium.

The average cost of a house in the UK now stands at 180,000, which is 25% less than the same time last year.



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