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article image'Cheapest house in Britain' sells for $16,068

By Christopher Bates     Jun 29, 2011 in Business
Burnley - While property owners may be slightly more lenient during the recession, you wouldn’t expect to find a house for £10,000 ($16,068). Then again, it’s in need of a drastic makeover.
The two-bedroom terraced property, which lies in Burnley, Lancashire, is believed to be the 'cheapest house in Britain'.
The house was initially listed for £15,000 ($24,102) six months ago, although the estate agents considered it to be overpriced. A ‘builder-investor’ finally offered £10,000 ($16,068) for the house, which is said to be in need of 'comprehensive repair and renovation'. The sale will go through later this week.
John Dinsdale, local estate agent, said: “The house needs a lot of work but £10,000 ($16,068) is a good price - most cars cost more than that. Three years ago you could not get a house in Burnley for less than £35,000 ($56,238) because everyone was buying property. Now it has gone completely the other way. However, I think the price paid here is about as low as you can go – the only way is up.”
The property description said: “Located in a mature well established area off St Matthew Street, the property is within a few minutes' walk of Burnley town centre. Structural movement/cracks are evident to the front elevation and the interior has been vandalised. The property is in need of comprehensive repair/renovation - hence the modest asking price.”
Dinsdale recently finalized a further two sales in Burnley, at £10,000 ($16,068) and £13,500 ($21,691) respectively.
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