It is now possible to buy a house in Derry for as low as £10,000.

A terraced house at Elmwood Terrace (pictured above) in the city will be put up for sale at an auction next month with a maximum reserve price of £10,000.

Maximum reserve price means that a property will be sold if that price is achieved.

So if there is only one bidder interested in the property, they will be able to buy it for £10,000.

Obviously, the price of the house will rise if more bids are received at the auction.

A total of 68 properties from throughout Northern Ireland are down to be sold at next month’s auction which will be held at the Europa Hotel in Belfast on November 21.

The Elmwood Terrace house is the property with the lowest maximum reserve price at the auction.

The house has been spilt into two one-bedroom flats.

The estate agents organizing the auction say the two flats have a potential total rental income of £4, 300 per annum.

It is understood that the Elmwood Terrace house is in need of extensive renovation and this is why the maximum reserve price is so low.

Two other houses in Derry are also being sold at the auction for knockdown prices.

A three-bedroom terraced house at Barnewall Place in the Waterside is listed with a maximum reserve price of £19,000.

Another house at Elmwood Terrace is also being sold at the auction.

The house, which is also spilt into two one-bedroom flats, has a maximum reserve price of £30,000.

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