A house has gone on sale in Britain for $1.30 -- but there's a catch

Andrew CraigThe three-bedroom Tunstall Terrace West house.

Those loose coins in your pocket may be enough to buy an entire house.

A three bedroom, terraced house in the center of Sunderland, north-east England, is going to auction with a guide price of just £1 ($US1.30).

Andrew Craig’s estate agent is handling the sale, with the property being auctioned off on Monday evening.

Andrew Craig said in a listing: “Attention Buyers! No Buyers Premium To Pay! Guide price £1. Yes, you have read this correctly, £1 with no reserve.”

There is, as always, a small catch.

A health and risk assessment found there were “hazards of a serious nature” at the property. Anyone who enters the house does so at “their own risk,” it said, without elaborating. The property also requires “complete refurbishment.”

The three-bedroom Sunderland house goes to auction for a guide price of just £1 on Monday, July 31 at 7 p.m.

The city centre property is promoted as “an ideal investment,” and is located close to the university and metro links.

Some of the rooms, including the bathroom below, appear to be in relatively good working order.

Others, though, are in need of a fair amount of “upgrading.” Here’s the kitchen:

And this is another room, which appears to have a giant crack across the ceiling. It’s not clear if this is the safety hazard the listing refers to.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.