1p Houses ?

Fancy buying this two-bedroom Woking apartment for 1p?

Apparently, this is not as ridiculous as it sounds. First home-buyers shut out of the property market could get the break they so desperately need under a new scheme which offers properties for a fraction of their market value.

The scheme, called Humraz, auctions properties via an internet bidding process with a twist - the lowest unique (unmatched) bidder wins.

Humraz only allows bids to a maximum five per cent of the property’s value, so this Woking apartment will sell for anything between 1p and £9,000 - a fraction of its £180,000 market value.

The scheme works by charging bidders £3 per bid via the internet or SMS, which allows Humraz to recoup the cost of the property and auction process. It may sound too good to be true, but founder Asmat Monaghan is adamant the scheme will be a winner.

Asmat was inspired by her daughters’ difficulty getting on the property ladder. The name Humraz is an anagram of her daughter's name.

"My older children really struggled as first-time buyers – as many people do," Asmat said. "We were convinced we could develop a business to help a few people own their first home. After a year of hard work, Humraz was born."

News of Humraz has spread quickly, with bids already received from every corner of the globe, including Panama and Singapore.