The UK’s cheapest homes for sale and they all cost under £20,000
Cheap property often means it needs a lot of work but we've put together a round up of the homes we reckon don't need too much doing to them
FIRST-TIME buyers who feel priced out of the property market can actually purchase a home in the UK for less than the average deposit.
Potential homeowners now need £50,000 on average for a down payment on a property but these homes cost under £20,000.
We'll be honest, you don't always get a lot for your money when you're on such a tight budget as most of the properties are one-bed flats.
But all of the homes are up north, which it may be a sound investment as house prices in the region are steadily creeping upwards.
Often, a cheap property means you'll need to do a lot of work on it before you can live in it but we've put together a round up of the homes we think don't need too much doing to it.
Of course, if you are thinking about buying a fixer-upper you will need to make sure you budget for the work, with projects costing thousands.
You should also consider paying for a building survey to make sure that the building is sound, or else you could be hit with an unexpected, unafforadable bill after you've got the keys.
We've teamed up with online estate agent and to come up with a list of some of the cheapest properties in the UK.
One bed flat, Mayebole, Scotland -
This freehold property in the south west of Scotland is full double glazed throughout.
It's small, so you wouldn't want to fill it with too much stuff, but judging by the photos it looks like it's in pretty good nick.
Of course, you should pay for a Home Report - the Scottish procedure of surveys - to make sure the building is sound and so that you're not hit by any nasty surprise after you buy it.
Two-bed terrace house, Peterlee -
This two up, two down terrace house is in Horden, a town not far from Hartlepool and is a halfway point between Sunderland and Middlesbrough.
The property is made up of a reception room, kitchen, stairs to the first floor, bathroom and two bedrooms.
The house comes with a side note that it does need some work doing to it so make sure you budget for it.
What are the different types of home surveys?
A SURVEY gives a detailed inspection into the condition of a property, highlighting any major repair work that’s needed. It can also help you decide whether or not you’re paying the right amount for your home.
The reports are carried out by qualified surveyors and costs vary from company to company. There are also different types of surveys depending on the depth of the report that you want and your budget.
These are the different types of surveys and their typical prices, according to the Homeowners Alliance:
Condition report, £300 or more
This gives a traffic light report to indicate the conditions of various states of the property - green for okay, orange for cause for concern.
The report provides you with a sumary of defects and possible risks but won’t provide any advice or valuations.
HomeBuyers report, £450 or more
On top of everything you get in the condition report, you’ll also get a valuation and an insurance reinstatement value - which is an estimate of how much you’ll receive if the building were to burn down.
Home Condition survey, £400 to £900
These are carried out by the Residential Property Surveyors Association (RPSA) rather than the Royal Institution of Chartered Surveyors (RICS) and includes information on broadband speeds, a damp assessment and boundary issues to consider. The price depends on the valuation of the property.
Building survey, £500 or more
These are extensive reports where the surveyor will go into places such as the attic, check behind walls and look between floors and above ceilings. It will also provide advice on repairs, estimated costs and timings, and what will happen if you don’t carry out the repairs. Prices depend on the size of the property.
Two-bed flat, Inverclyde -
This two-bed flat is on the ground floor and already has double glazing and gas central heating.
According to Zoopla, it will cost £242 a month, and has a rental value of around £350 a month if you wanted to buy to rent it out.
Two bed terrace, County Durham -
The two-bed terrace house is typically northern home with a lounge and kitchen on the ground floor and two double rooms and bathroom upstairs.
It does come with the caveat that it needs refurbishing so make sure you budget for the extra costs.
Unfortunately, the estate agents have already accepted an offer for £20,600 so you'll need to be prepared to push over the £20,000 limit if you want this one.
One-bed flat, Barrow In Furness -
The flat is advertised as a two-bed but that's only if you're prepared to turn the living room into a second bedroom.
If you do decide to do that, you'll also need to be prepared to traipse through the second bedroom before accessing the kitchen and bathroom.
Even so, it's the perfect size if you're living on your own or in a couple and it doesn't look like it needs too much work doing to it either.
Studio flat, Bradford -
Okay, so you won't get a lot for your money in Bradford but that said, this studio flat is a good £7,000 under budget.
It's in the city centre and comes with an en suite - but you'll have to share a communal kitchen.
Two-bed terrace house, Bishop Auckland-
If you're looking for a real project then this could be the house for you - but we warn you, it doesn't look like an easy job.
Just outside Durham, this two-bed house is an end terrace with rear parking and it's freehold. The bad news is, it's in a bit of a state.
But if you can see past the crumbling ceilings - and be prepared to fix them - then this could be a decent investment opportunity.
It's worth reading the listing - and paying for a decent survey - before handing over your cash because it's going to need a lot of work.
MORE FOR FIRST-TIME BUYERS
It's important to pay for a building survey before buying a house.
Last year, we spoke to Emma Nairn, 32, who bought her West Yorkshire home for £10,000 less than the average property price but faced forking out thousands to fix it up.
While it's not recommended, one young couple from Manchester saved £17,000 by watching YouTube tutorials and using DIY books to renovate their first home themselves.
What help is out there for first-time buyers?
GETTING on the property ladder can feel like a daunting task but there are schemes out there to help first-time buyers have their own home.
Help to Buy Isa - It's a tax-free savings account where for every £200 you save, the Government will add an extra £50. But there's a maximum limit of £3,000 which is paid to your solicitor when you move.
Help to Buy equity loan - The Government will lend you up to 20 per cent of the home's value - or 40 per cent in London - after you've put down a five per cent deposit. The loan is on top of a normal mortgage but it can only be used to buy a new build property.
Lifetime Isa - This is another Government scheme that gives anyone aged 18 to 39 the chance to save tax-free and get a bonus of up to £32,000 towards their first home. You can save up to £4,000 a year and the Government will add 25 per cent on top.
Shared ownership - Co-owning with a housing association means you can buy a part of the property and pay rent on the remaining amount. You can buy anything from 25 to 75 per cent of the property but you're restricted to specific ones.
"First dibs" in London - London Mayor Sadiq Khan is working on a scheme that will restrict sales of all new-build homes in the capital up to £350,000 to UK buyers for three months before any overseas marketing can take place.
Starter Home Initiative - A Government scheme that will see 200,000 new-build homes in England sold to first-time buyers with a 20 per cent discount by 2020. To receive updates on the progress of these homes you can register your interest on the website.
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