At £268,000 ($366,211), the average UK property price is 10% higher than a year ago, but the good news is that wherever you’re hoping to buy, it’s still possible to pick up a bargain at a fraction of what you’d typically pay.
However there’s usually a reason why the price is so low — it may have a sitting tenant, require complete modernisation, be structurally unsound or blighted in some other way.
Whether you’re stepping on to the housing ladder or purchasing for investment, always investigate what the problem is, get a survey done and factor in the cost of remedial and renovation work.
When applicable, find out if the property is mortgageable as most lenders won’t touch it if it’s in poor condition, very tiny or has under 80 years remaining on the lease.
Here’s a round-up of the best budget homes currently for sale in the UK.
1. One-bed house, Bishop Auckland, County Durham. Guide price: £13,500
You can probably guess from the boarded-up windows and door that this terraced house is in dire need of a makeover.
However, if you were planning to rent it out, the prospect of an annual yield in excess of 30% of the guide price could be all the motivation you need to get started.
There’s a living room and kitchen on the ground floor, with the bedroom and bathroom above and a bijou garden at the back.
It’s set to be auctioned on 27 January. If it grabs your interest, you’ll need to register by noon the day before and submit your bid remotely.
2. Studio flat, Sheffield. Guide price: £25,000
The city centre location — in walking distance of the train station, shops, university and nightlife — is one of the many plus points of this modern flat, which at the moment is let to a tenant for £563 per calendar month.
It comprises a living and sleeping area containing a kitchenette with fitted cupboards and appliances, a built-in wardrobe, desk unit and double bed, and a shower room. Residents have use of a laundry and the convenience of a mini supermarket on the ground floor of the building.
As it’s for sale via online auction, it could well achieve more than the guide price of £25,000. Bidding opens at 1pm on 24 January and closes 24 hours later, and you must register in advance.
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3. One-bed flat, Kirkintilloch, East Dunbartonshire. Price: offers over £40,000
It’s looking rather sorry for itself right now, but there’s plenty of potential to carry out improvements and add value to this first floor flat after dealing with issues highlighted in the home report, such as damp and gutter repairs and testing the electrics and gas appliances.
Located in a quiet spot offering easy access to Glasgow city centre and the central belt motorway network, it has an L-shaped hall, large living room, kitchen, double bedroom and bathroom with a white suite, and a decent amount of storage space. It's on the market with estate agents Pacitti Jones.
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4. One-bed flat, Bilston, West Midlands. Price: £50,000
Ideal for an investor, this bright second floor flat is occupied by a long term sitting tenant and well located for commuting into Birmingham and Wolverhampton, either by road or rail from Coseley station, half a mile away. A park with an outdoor gym, tennis courts and other sports facilities is also nearby.
The property is reached via a covered external walkway, and includes a fitted kitchen with a breakfast bar, a separate living room, a double bedroom and bathroom. There’s an allocated parking space and a garage too. The estate agents are Connells.
5. Studio flat, Belvedere, Kent. Price: £80,000
This is probably the cheapest non-retirement property on the market in Greater London where, according to Zoopla, flats have changed hands for average of £521,000 over the past year.
Its low price is due to the fact that it’s compact with only 64 years left on the lease, so is available to cash buyers only as there’s little likelihood of obtaining a mortgage.
Once you’ve overcome that obstacle, it’s chain free and ready to move into.
The ground floor flat has its own front door and consists of a lounge/bedroom area with a wide archway through into a Shaker-style kitchen, a shower room, separate WC and garden. Your Move are the agents you need to talk to if you are interested.