The bidding started at just 5,000 pounds and rose to 9,000 before the hammer fell on an end of terrace house in Teesside.

A house for just 9,000 pounds clearly has to be a bargain, although admittedly it’s in a rundown state and slightly lacking in a roof. However the estate agent reckoned the house should be renovated for around 27,000 pounds and have a finished value of somewhere around 45,000 pounds.

Properties in the North East don’t appear to have fallen too sharply recently, so the state of the economy doesn’t seem to be blamed for the low price – rather the lack of roof!

As for the rest of the UK, it’s reported that the average cost of a house is now 25 per cent lower than a year ago – standing at 180,000 pounds.