A HOUSE in a former pit village is being sold next week with reserve price of £1.

The dilapidated mid-terrace property, 27 Albert Street, in Grange Villa, near Chester-le-Street, will be open for viewing next Monday, August 20, from 10am.

It has been empty for several years and suffers from damp inside, but is said to be structurally sound.

The house will need to be heavily refurbished before it can be lived in and is being described as an ‘investment opportunity’.

Irfan Mohammed, a sale advisor with Properties Under The Hammer, which is selling the house, said: “The reserve is £1 so theoretically you could get it for £1.

“It is very rare – we have been going for a few years now and we have never had a property advertised for this price.

“People could get a real bargain.”

After the viewing on Monday people are being asked to submit bids over £1.

The highest bidder will be sold the house.

Mr Mohammed said: “It could help people get on the property ladder for the first time, or it could be a great investment opportunity for someone.

“It does need a full refurbishment doing to it.

“It is basically a shell at the minute.”

Neighbours on Albert Street said they would welcome the house being lived in.

One woman, who did not want to be named, said: “It has been empty for over five years and it is a bit of an eyesore.

“The only thing that has been living in there is the birds, because we have seen them going in the roof.

“I would be pleased to see somebody moving into it.”