Home buying isn’t getting any easier in the UK. Despite ongoing schemes to help people get on the ladder, pay freezes, rising prices and the cost of living crisis mean many are struggling to save a deposit, let alone secure a mortgage.
But one change to the way we live could mean a new home is still available for the price of a mid-range kitchen. More than a quarter of Brits (26%) are hoping to continue to work from home – either permanently or occasionally – post the Covid pandemic, according to the comparison website Finder. This means that workers aren’t confined by the need for a short commute to the office.
Looking across the UK, a house – whether a main home or holiday retreat – can still be bought for an incredible £10,000 or less, says property website Zoopla. This means that, at a rate of five per cent, a deposit will only cost around £500. Beware though, some of these homes are listed on Zoopla with a guide price of £10,000, which is an indication of the seller’s minimum acceptable price at auction. And others are more investment properties designed to be rented out.
Daniel Copley, consumer expert at Zoopla, says buyers also need to know the disadvantages, as well as obvious advantages, of such a cheap property before opening their wallet. ‘Securing a home for such a cheap price has obvious advantages, namely that it will be exempt from stamp duty and you may be able to cover the purchase without a mortgage at a time of high interest rates,’ he explains.
‘However, if you’re looking at a home with a guide price around £10k, it’s likely that you’ll need an appetite for a project.
‘At this price point, homes will probably need some level of renovation. And if you’re hoping to invest in one as a buy-to-let property, there are several legal requirements the home and its appliances will have to meet.’
One-bedroom holiday chalet in Leysdown-on-Sea, Isle of Sheppey – £10,000
Getting a cheap property doesn’t necessarily rule out the south-east – as long as buyers think outside the box. This south-facing holiday chalet in Leysdown-on-Sea, Kent, is less than two hours from central London and just a few minutes from the beach.
There is an en-suite shower room, the sole bedroom is a good size, there’s an open-plan kitchen – which is more than can be said for some studio flats in the capital – and easy access to arguably one of the most picturesque areas in the UK. Contact Leysdown Chalet Services to book a viewing.
Studio flat in Auchinleck, East Ayrshire, Scotland – £5,000 guide price
The words ‘studio’ and ‘flat’ are catnip to the first-time buyer – offering a minimal price for, let’s face it, minimal space. This ground-floor studio in Main Street in the former mining village of Auchinleck comes with a guide price of £5,000 and is, in the best estate agent speak, in need of a bit of modernisation.
A near-full refurbishment is required but some of it can be tackled by a confident DIY-er and some of the more difficult bits are already sorted, such as electric storage heaters and double-glazed windows. Find out more about this property and the auction from Auction House Scotland.
Two-bed house in Manselton, Swansea, Wales – £4,500 guide price
Falling into the ‘proper’ house category, this two-bedroom terrace house in Swansea has a £4,500 starting price and loads of living space. There are large reception rooms and even an enclosed rear garden. It needs some love though, and the buyers will need to get their hands dirty to keep the costs of the necessary work from spiralling.
Swansea city centre is just a mile-and-a-half away and the suburb of Manselton, to the north of the coastal city, is a buzzing place peppered with green spaces. Zoopla says the property is thought to have approximately 18 months left on the lease but advises any potential buyers to get legal advice to verify this. Find out more from Clee Tompkinson Francis.
Two-bed house in Burnley, Lancashire – £10,000 guide price
The prettiest property on our list is this two-bedroom home in Burnley. Close to the town centre and decorated in cornflower blue, it sits in a terrace row and has a rear garden. It does need updating so prepare for the worst, but on paper this is a really sweet home for not a lot of money.
The estate agent predicts a rental income of £7,800 per annum, helped by its proximity to local rail links, which means it could quickly pay for itself if the project is managed properly. According to Zoopla, Burnley is one of the most affordable places to buy a home in the UK but it enjoyed 6.8% price growth in the last year. Find out more about this property from Birmingham-based Taylor James Auctions.
One-bed student flat in Huddersfield – £10,000 guide price
Fancy a one-bedroom apartment in Primrose Hill for ten grand? No, not that Primrose Hill – a studio flat in that desirable north London enclave would set you back from around £300,000. This one is in a nice spot that’s villagey yet close to the city centre of Huddersfield, West Yorkshire.
It’s offered as a ‘student pod’ with room for a bed, desk and wardrobe as well as an en-suite shower room. It has double glazed windows, an electric heater and an intercom, plus access to a shared kitchen and living area, and the university is a 15-minute walk away. Find out more or book a viewing with Pattinson Auction.
For more information about these properties, visit Zoopla
MORE : DIY fans spend just £3,000 and add £70,000 to their property’s value
MORE : What to expect when buying a property: Make sure to do your homework
Get all the need-to-know property news, features and advice from Metro every week.
For all the latest Lifestyle News Click Here
For the latest news and updates, follow us on Google News.
