Property: A spacious two bedroom house is selling for just £20,000 – what’s the catch?

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Buying a house is a huge investment for anyone and not something which can be entered into lightly. Cheap properties are hard to come by which is why a property in Peterlee, County Durham, is sure to have turned heads. The spacious home has two bedrooms and has gone on sale for a tiny £20,000. The property was recently listed on Zoopla, but why is it so cheap? What’s the catch?

The terrace house boasts a good location as it is near local schools, shops, a park and a railway station.

When buying a place, a good high street is important to many Brits which makes this property even more appealing. 

On the ground floor, potential buyers will find a spacious lounge and a kitchen diner.

There is a large master bedroom on the first floor, as well as a family bathroom and second bedroom.

It also has a fully fitted kitchen and bathroom and double glazing throughout the property.

The listing said: “The recently refurbished accommodation comprises of a lounge, dining kitchen, rear courtyard and double glazing.

“To the first floor there are two double bedrooms and family bathroom.”

The average estimated value for a property in the area is three times the price, at £60,841, which makes the asking price even more surprising.

However, a closer look at the listing makes the reason behind cheap asking price much clearer.

The listing stated: “To be sold via online auction. Property sold under unconditional auction terms and conditions.”

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