A FLAT that was put up for sale with a start price of £1,000 has been sold for 18 times that.

Over 150 people attended a frenzied auction for the rundown two bedroom first floor flat in Catchgate, Stanley, County Durham.

It was snapped up by a local investor, who wants to remain anonymous, at the Gateshead Marriott Hotel.

Estate agent Sarah Mains, who was the adjudicator at the auction, said: "The atmosphere was absolutely electric.

"It was lot seven but we had to put it back to the end because there was so much interest.

"There was a real frenzy when the bidding started and it went from £1,000 to £13,000 in seconds the it slowed down a bit."

The property was labelled Britain's cheapest flat when it was first offered for sale with the low starting price.

It has no water or electricity, rubble litters the floor, the walls have huge holes and the ceilings have crumbled leaving a corrugated iron roof to protect the rooms from wind and rain.

The windows are also covered with chipboard and the walls have a film of water covering them, while cables hang from overhead beams.

The property was left to a woman in a divorce settlement, who realised it belonged to her after she began receiving council tax bills and other official letters.

Ms Mains said: "A starting price of just £1,000 is something that in the two years we have been holding Auction House we have never encountered before but the owner is for personal reasons just keen to sell and is happy to take the risk at starting the bidding so low "She will be absolutely delighted with the result."