This two-bedroom house could be yours for only £1,000.

The two-up-two-down in Bishop Auckland is set to go on auction with no reserve and a starting bid price of just a grand, meaning any offer could buy it.

It means the home could be snapped up for less than it would cost to buy the latest iPhone, which costs £1,099.

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The mid-terrace property in the Coundon Grange area has a lounge, kitchen/breakfast room, two bedrooms, a bathroom, and rear yard, and is in desperate need of some TLC.

The Northern Echo: The shell of some cupboards is all that remains of the kitchen.The shell of some cupboards is all that remains of the kitchen. (Image: JWW ESTATE AGENTS)

The Northern Echo: The bath-less bathroom.The bath-less bathroom. (Image: JWW ESTATE AGENTS)

But with mortgage rates expected to rise following Thursday’s interest rate hike, the project property could be the perfect rung onto the property ladder for a buyer willing to take on a project, or an investor.

It is believed to be one of the cheapest homes on sale in the UK.

The Northern Echo: The living room pre-dates the days of flatscreen TVs.The living room pre-dates the days of flatscreen TVs. (Image: JWW ESTATE AGENTS)

Seven more properties, all one-bed bungalows, in Bishop Auckland are also going under the hammer with the same £1,000 price tag.

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Bidding on the affordable abodes opens at 11am on Wednesday (June 28) and is set to end at 6.25pm on Thursday (June 29).

As with any auction property, prospective bidders are urged to read the small print online before bidding.

Further enquiries can be made on the estate agent’s website.