Research reveals there are properties for sale for the same price as a family car

The headlines are usually about the high prices of buying a home in the UK but new research shows that there are properties with asking prices that are the same as a family car.

Currently the average prices of a home is more than £220,000 and it is well documented that first time buyers are still struggling to get on the housing ladder, particularly when it comes to saving for a deposit.

Now research from online estate agent HouseSimple shows that if you are prepared to take a chance then there are properties for sale by auction where the starting prices is less than £15,000, the price of a new hatchback.

The cheapest is a two bedroom cottage in West Calder in Scotland with a guide price of just £9,000 while there is a two bedroom house in Peterlee starting at £12,000, both of which will need money spent on them.

Many of the bargain homes are in the west of Scotland. There is a one bedroom flat in Newmilns, East Ayrshire for £10,000, a one bedroom flat in the same town for £12,500, a one bedroom in Maybole, South Ayrshire, for £14,000 and a one bedroom flat in Kilbirnie, North Ayrshire for £14,000.

There is also one bedroom flat in Rothesey on the Isle of Bute for £10,000, a one bedroom flat in Hull for £10,000, a one bedroom in Bradford also for £10,000 and one bedroom flat in Glasgow for £11,000.

Alex Gosling, chief executive officer of HouseSimple, said that while these bargain properties might only appeal to a small number of buyers due to the amount of work needed to make them into nice homes, there are plenty of well-priced properties available.

‘Despite property prices being unaffordable in many areas of the UK, it’s still possible to find good value out there if you spend a little time doing your research. It’s also a matter of managing expectations and being realistic about what you can afford,’ he said.

‘The examples we found during our research are probably only going to appeal to a very small group of people, because of the amount of work needed to bring them up to scratch. But it does show that even with a modest budget, there are properties out there which are well below the UK average price,’ he pointed out.

‘Also, with the current property market very much in the buyer’s favour, this is a good time to step onto the property ladder. Sellers are far more willing to negotiate right now, especially if you have your finances in place and are willing to move quickly,’ he added.

Kindly shared by PropertyWire