A house has gone on sale in Lincolnshire for £7,000, making it potentially the cheapest home on the market in the UK right now.

The terraced house in Gainsborough has been badly fire damaged and generally badly kept, but would be perfect for anyone looking for a big renovation project.

As well as two bedrooms, the property contains a fairly spacious kitchen, a bathroom complete with a three piece suite, and a lounge. It’s double glazed throughout and is believed to have access to mains water, gas and electricity. It also has a small backyard with an outbuilding.

The low asking price for the property makes its value equivalent to just 4% of the average UK house price of £170,000. However, while it may be the cheapest home on the open market, the property is still valued well above those going for just £1 through a housing scheme in Stoke.

It’s currently listed on Rightmove, and is being auctioned on 13 May if it hasn’t been sold beforehand. The buyer will only have to put down a 10% deposit before stumping up the rest of the payment within eight weeks.