Seaside town less than one hour from major cities where you can buy a home for under £30k – and there’s no catch
PROSPECTIVE buyers may be shocked to learn about a well-connected seaside town in the UK where you can buy a home for just £35k.
House prices have been on the rise, with the average buyers forking out close to £300k to make their dreams of ownership come true.
This, coupled with upcoming changes to stamp duty, means hopeful homeowners could end up forking out more than they had a few years ago.
Under current rules, if a property is more expensive, buyers only pay tax at 5% on the portion above £425,000 and up to £625,000.
The lower limit for the first-time buyer stamp duty exemption was temporarily increased in 2022.
But now it is scheduled to revert to £300,000 in April 2025.
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However, hope is not lost for buyers who are willing to be flexible on location.
In the seaside town of Hartlepool, County Durham, homes can go for as cheap as £25,000, making it £275,000 less than the national average.
Meanwhile, a 55-minute train ride can take you to Newcastle city centre for just £2.20.
Take a look at the cheapest houses in this area…
Two-bed end terrace house - Hartlepool - £25,000
This two-bed end terrace is up for sale in Hartlepool, County Durham, for £25,000.
It has two bedrooms, one bathroom, and one reception alongside a kitchen.
The street is within walking distance to a number of schools, and a seven-minute drive to Hartlepool train station.
This home would require a bit of work to bring it up to standards but that is always worth factoring in when looking at an affordable property.
You might be able to get a mortgage for this house with a 10% deposit of £2,500.
If you got accepted for a 25-year loan with 5% interest, you would be expected to pay back £131 per month.
Two-bed terrace - Bishop Auckland - £29,999
This two-bed terrace is up for sale for £29,999 in nearby Bishop Auckland, County Durham.
This town is just an hour and 13 minutes train journey to Newcastle and a 41-minute journey to the city centre in Durham.
Again, this home would require some work to bring it up to scratch, but it is just a two-minute drive to the nearest train station - something that often adds value to a property.
You might be able to get a mortgage for this house with a 10% deposit of just £3,000.
The property is just a short four-minute drive to the nearest train station and is also just a short walk to a number of local primary schools.
This home would require a fresh lick of paint and some money to refurbish the bedrooms and kitchens, so that is worth bearing in mind.
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You might be able to get a mortgage for this house with a 10% deposit of £3,600.
If you got accepted for a 25-year loan with 5% interest, you would be expected to pay back £189 per month.
How to save for your first home
HAVE you ever wondered how first-time buyers manage to go from savers to homeowners?
Getting a foot on the property ladder might seem like a daunting task, but The Sun's My First Home feature allows you to find out exactly what it takes to finally get the keys to your own place.
Leanne Gem managed to buy her £456,000 four-bed house with an "underrated scheme".
Karis Jacobs and her husband George used the 50/50 method to buy their first home just two years after losing their jobs.
Parents Chae and Cem used a "DIY Help to Buy scheme" to buy their £466,000 first home.
Anupam and his wife Shrabanti lost £6,000 free cash when buying their first home - here's how you can avoid it.