A TWO-bed house in Durham is the cheapest home on the market at just £25,000 – a tenth of the average UK house price.
The bargain property in Horden, listed on property portal Zoopla, could be yours if you have at least £2,500 in the bank to put down for a 10% deposit.
According to latest data from the Land Registry, the average house price in the UK stands at £268,349 – a whopping £243,349 more than this one.
For your cash, you’ll be getting two bedrooms, two reception rooms, a kitchen, a bathroom and a courtyard.
However, before you splash your cash, be aware that the property looks like it needs a lot of work.
The windows have been bordered up in the living area beside the front door – suggesting that they are either broken or have no glass in them.
Worryingly, it looks like the ceiling is coming apart in the kitchen, as insulation can be seen poking through.
Marks can be seen on some of the walls of the property suggesting water damage, and it looks like there could be some spots of mould too.
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Horden is a 25 minute drive away from nearby Sunderland, and has its own train station.
You’ll also need to factor in other fees when buying the house – but it falls well short of the £500,000 stamp duty threshold meaning you won’t have to pay land duty.
But most importantly, you should pay for a home survey for the property before you splash out.
This gives a detailed inspection of the work that needs doing, and what condition the home is in.
These can cost £900 or more for the most in-depth ones such as a building survey – and prices depend on the size of the property.
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Fail to get one sorted and rush into buying a home without one and you could end up paying tens of thousands of pounds more to fix the issues – like this first-time buyer did.
Here’s where house prices didn’t soar last year – see which areas are still affordable.
Here’s what first-time buyers should NEVER do when applying for a mortgage.
We also explain what a mortgage term is and which one is right for you.
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