10 cheapest properties you can buy now – and you only need a £2,700 deposit
IT’S no secret that sky-high house prices make it more difficult to save a deposit and buy a first home or move up the ladder.
The average house price now stands at £260,441, according to the latest data from lender Nationwide.
This means you would have to save more than £13,000 even for a very small 5% deposit on an average priced home.
To put down a 10% deposit and secure a lower mortgage rate, you’d need a staggering £26,000 in readies.
But for would-be first-time buyers with less cash to splash there are still some homes you can buy for a lot less.
Property website Zoopla has dug out ten properties in Britain that cost under £30,000.
And to be in with a chance to buy, you only need a £3,000 deposit.
Most of these properties are in the North, so it would mean relocating if you’re not already living in these regions.
But as an added bonus you won’t have to pay any stamp duty on these homes as they all fall well below the £250,000 threshold.
Take your time
There is usually a reason that properties are sold cheaply.
It may be that it needs a new roof, all the wiring and plumbing redone or it could have a more serious structural problem.
When you’re a homeowner, the cost of maintaining your property can run into tens, and sometimes hundreds, of thousands of pounds.
This is why it’s important to get a survey done before buying a property.
You can get a basic condition survey for around £300, a more detailed homebuyer report for between around £400 and £800 or an in-depth buildings survey which will set you back up to £1,500.
Even though it costs extra money to have a property buildings survey done before you buy, it could save you from having a bottomless money pit on your hands later down the line.
And if you know what the possible costs are to put problems right, you can negotiate with the seller to get that off the price.
One-bedroom flat, Lancashire – £2,700 deposit
This flat in Ingol, Preston is on the market for £27,000.
The home has one double bedroom, one bathroom and a reception room.
The property would suit a first-time buyer or perhaps a downsizer, as it’s on the ground floor.
There are parking bays for residents and it’s in a good location for the motorway.
It’s also well connected to local bus routes.
One-bedroom flat, Northumberland – £2,800 deposit
This one-bedroom flat in the village of Choppington, Northumberland has an asking price of £28,000.
As well as the bedroom, there is a bathroom and living area.
As with most flats, it’s a leasehold property, which means there are other costs to consider including service charge and ground rent.
There are communal grounds to enjoy, while parking is on the street.
One-bedroom flat, Tyne and Wear – £2,900 deposit
This one-bedroom flat in the town of Washington in Tyne and Wear is marketed at £29,000.
There is one bathroom and one living room alongside the bedroom.
There are communal gardens and the property is three miles from the nearest train station Heworth.
Two-bedroom flat, Durham – £2,950 deposit
This home has two bedrooms and is located in the town of Stanley in Durham. It’s on the market for £29,950.
The first-floor flat has one bathroom and one reception area.
Windows are double glazed and its close to local shops and bus services.
Studio flat, Newcastle Upon Tyne – £2,950 deposit
This £29,950 home in the city centre of Newcastle – perfect for anyone looking for the hustle and bustle of urban living.
There is a gym and entertainment lounge in the building that residents can enjoy – plus intercom system.
The studio is decorated nicely which means that buyers should hopefully not need to do much work.
It’s a leasehold flat and there is a £3,151 annual service charge to factor in.
Two-bedroom maisonette, Tyne and Wear – £2,999.50 deposit
You can get this two-bedroom maisonette in Washington, Tyne and Wear for £29,995.
There is off street parking and an open plan living room.
Both bedrooms are double and the bathroom has a shower and bath,
It’s three miles from the closest train station Hepworth.
One-bedroom flat, South Ayrshire – £2,999.50 deposit
This one-bedroom flat is in the town of Maybole in South Ayrshire in Scotland and on the market for £29,995.
The flat is freehold and comes with access to communal gardens.
As well as the bedroom, the flat features a shower room suite and living room.
One-bedroom flat, Hull – £3,000 deposit
This top-floor apartment has an asking price of £30,000.
It is in the city of Hull and in a good location for the university and local amenities.
There is an open plan living room and kitchen, as well as one bathroom.
One-bedroom flat, South Yorkshire – £3,000 deposit
This home in Barnsley is looking for offers from £30,000.
It comes with a modern fitted kitchen and bathroom.
The flat is also in a local central location with good road and transport links.
One-bedroom flat, Lancashire – £3,000 deposit
This double bedroom apartment in Preston is on the market for £30,000.
It comes with communal gardens and parking. And there are shops and other services nearby.
The home is well connected to local bus services and is 1.5miles from the nearest train station Preston.
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