A Community Opportunity: Affordable Housing in County Durham
A two-bedroom house in County Durham is generating buzz for its affordability and potential community impact. The property, located on Heslop Street in Bishop Auckland, could be sold for as little as £20,000 when it goes to auction in February.
This terraced home, presented by Auction House North East, is situated in the heart of the Close House area. It offers an accessible living option close to local amenities and public transport, connecting residents easily to the vibrant Bishop Auckland town centre, which boasts a variety of shops, bars, and restaurants.
Currently tenanted, the house brings in an annual income of £5,040, making it an attractive investment for both landlords and community-minded individuals seeking affordable housing solutions. The property features essential utilities, including mains electricity, water, and sewerage, ensuring a comfortable living environment.
Auction House North East is hosting a live-streamed auction on February 11, allowing community members near and far to participate. Detailed documents about the tenancy will be available in a legal pack provided by the auctioneers, ensuring transparency and thorough due diligence for prospective buyers.
Importantly, the property is deemed low-risk for flooding and coastal erosion, and it benefits from recent building work, including cavity wall insulation. It holds an EPC rating of ‘D’, indicating energy efficiency improvements.
Auction House North East emphasizes the accuracy and reliability of their auction particulars, although they advise potential buyers to complete full due diligence by reviewing all documents before bidding. On auction day, bidders must be prepared to exchange contracts legally when the auction concludes.
This auction represents not just a real estate transaction but an opportunity to invest in the community and provide quality, affordable housing in a well-connected area.