Needing up to £10,000 of  work  "refurbishing" , a two bedroom flat, has been labelled „the best bargains on the market at present”.

The flat has an open-plan lounge and kitchen and is situated above a group of shops located in the heart of Catchgate, Stanley.

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, the property i son the market for £1,000.

With walls covered in a film of water and cables hanging from overhead beams, the flat has the windows covered with chipboard, but 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.

"As far as we are aware, this is the cheapest permanent residential property which has ever gone to auction in the UK," said an estate agent at the Whickham branch of Sarah Mains.

"This is a real opportunity to snap up an investment that could reap rewards in a short spell of time. While it needs refurbishing, we have been advised by qualified developers it would only take a further investment of £8- 10,000 to get this property in tip-top condition, suitable to have as a home or to let out."

The auction will occur on November 5 at the Gateshead Marriott Hotel.

The purchaser on the day must bring a 10 per cent deposit and this is also a surprise.

 Sarah Mains aded:"A starting price of just £1,000 is something that in the two years we have been holding auctions 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.”