A one-bedroom flat in Liverpool is one of the cheapest homes available to buy in the UK and it even comes with access to a communal garden.

This ground floor, one-bedroom apartment on Crossfield Close, L7, is offered for sale via auction at a guide price of just £1 – less than the price of a National Lottery ticket.

The property in Liverpool is set to be sold under the hammer by SDL Graham Penny Auctions, on behalf of HouseBuyFast.co.uk, and is being offered at an extremely low starting price with a view to attracting more potential purchasers.

But any investor interested in acquiring the property needs to factor in the fact that around £8,000 worth of renovations are required to bring the property up to scratch.

Jeff Djevdet, director of House Buy Fast said: “We’ve put the house up for auction as it needs some TLC.

“I also hope that the low starting price could help a first-time buyer onto the property ladder.

“It’s impossible to tell what it’s going to sell for on the day. Four thousand? Five thousand? Who knows?

“What better way to find out how much a property is worth than setting a starting price of £1?”

The property in Liverpool will go under the hammer on 24 November, as part of a 26-lot strong catalogue.