Two-bed house in Hartlepool going under the hammer for £25k

A two-bedroom house in Hartlepool is going under the hammer at auction with a guide price of £25,000. 

The end of terrace comprises of an entrance hall, living room and kitchen on the ground floor. Upstairs, there are two bedrooms and one bathroom. 

The freehold property has on-street parking and an enclosed yard space at the back. It is close to schools, shops and the town centre. 

Auction House said that while the property needed a 'scheme of refurbishment', it had been priced accordingly. 

Compared to some homes which go under the hammer, the property is in a reasonable condition, particularly the bathroom, though will need a good chunk of money spent on it to get it up to scratch. New windows and doors will be required. 

The house an an energy efficiency rating of E, which will need to be improved to a C by October 2030 if the property is to be rented out. 

After the auction via Auction House on 24 March, the buyer will need to legally exchange contracts at the fall of the gavel. 

A 10 per cent deposit, at a minimum of £5,000, will be required on the day of the auction, with completion of the sale set for 14 days later. 

The house poses a potential opportunity for investors, including buy-to-let landlords, or first-time buyers. 

Hartlepool is in County Durham, sandwiched between the major city of Newcastle and big town of Middlesborough and on the coast - it has deep-rooted maritime heritage. 

A benefit of buying the house at auction for buyers would be that, in many instances, a mortgage would not be required.  

The cost of a typical mortgage has increased by nearly £1,000 a year in the three weeks since the war in the Middle East began.

And mortgages look likely to keep getting more expensive over the coming days and weeks thanks to fears of 'Trumpflation' driving interest rates higher.

The average two-year fixed mortgage rate has risen from 4.83 per cent at the start of the conflict to 5.35 per cent today, the highest since March 2025, according to Moneyfacts, adding around an extra £900 per year to the cost of borrowing £250,000 over 25 years.

Meanwhile, average five-year fixed mortgage rates have risen from 4.95 per cent at the start of the conflict to 5.39 per cent today. It’s the highest since July 2024 and represents and increase of around £775.

Only as recently as January, the lowest fixed rate on the market was below 3.5 per cent, now they are all above 4 per cent.

Buying a property at auction

Auctions are one area where good deals still come up. Properties sold this way can, in some cases, be substantially cheaper than on the open market. 

However, properties sold in this way often - though not always - come with added complexities for the buyer.

It is therefore important to do as much research as possible before buying any property at auction.

Where possible, always visit the property in person before the auction and do as much due diligence as you can.  

 Thoroughly inspect the property and it its surrounding neighbourhood. Consider taking a builder or handyman with you to find out what may need to do to the property, and how much it is likely to cost. If you have any questions, do not be afraid to ask the auctioneer. 

Do not underestimate how much renovation work or reconfigurations could cost if you are taking on a project property.

Read legal documents for the property carefully and, when possible, get advice from a solicitor before heading to the auction.

Sometimes, the legal pack includes 'special conditions' that mean you might also be liable to pay an additional three per cent fee to a sales agent.

Before submitting any bids, always check what sort of price similar properties in the area have sold for. And when it comes to bidding, only bid what you can realistically afford. Factor in extra administration, buyer premium fees and legal costs. 

How to find a new mortgage

Mortgage rates have soared after conflict with Iran has driven up inflation expectations and dashed hopes of interest rate cuts.

If you need a mortgage because you are buying a home, or your current fixed rate deal is due to end, you should explore your options as soon as possible.  

This is Money has a long-standing partnership with fee-free broker L&C, to provide you with expert mortgage advice.

Use This is Money and L&Cs best mortgage rates calculator to show deals matching your home value, mortgage size, term and fixed rate needs.

Or use L&C’s online Mortgage Finder to search thousands of deals from more than 90 different lenders to discover the best deal for you.

This is Money's mortgage tips 

What if I need to remortgage? 

Borrowers should compare rates, speak to a mortgage broker and be prepared to act. Homeowners can lock in to a new deal six to nine months in advance, often with no obligation to take it.

Most mortgage deals allow fees to be added to the loan and only be charged when it is taken out. This means borrowers can secure a rate without paying arrangement fees. If you do this and don't clear the fee on completion, interest will be paid on it over the term of the loan.

What if I am buying a home? 

Those with home purchases agreed should also aim to secure rates as soon as possible, so they know exactly what their monthly payments will be. Buyers should avoid overstretching and be aware that house prices may fall, as higher mortgage rates limit people's borrowing ability and buying power.

What about buy-to-let landlords?

Buy-to-let landlords with interest-only mortgages will see a greater jump in monthly costs than homeowners on residential mortgages. This makes remortgaging in plenty of time essential and our partner L&C can help with buy-to-let mortgages too. 

> Find your next mortgage deal with This is Money and L&C

Mortgage service provided by London & Country Mortgages (L&C), which is authorised and regulated by the Financial Conduct Authority (registered number: 143002). The FCA does not regulate most Buy to Let mortgages. Your home or property may be repossessed if you do not keep up repayments on your mortgage