*This is a collaborative guest post
Following a record-breaking two years of house price growth, the average UK property price is currently £273,751 according to Nationwide. With most mortgage providers seeking at least a 10% deposit before they will agree to a mortgage offer, this means setting aside between £30,000 – £40,000 on average when you also factor in the costs of moving house. Unfortunately – and particularly during the current cost of living crisis – being able to save this amount of money is a pipe dream for many prospective homeowners desperate to get a foot on the property ladder.
So, is it still possible to buy a house for the kind of price our parents’ generation paid for their first homes back in the 1970s?
Well, if you are prepared to put in some elbow grease or can put some money towards refurbishment and repairs, there are actually a number of homes on the market which come with the rather remarkable guide price of £10,000 or less.
Yes, you did read that correctly, you can still buy a house for less than the cost of many new cars.
You may need to roll up your sleeves and get stuck into some serious DIY in some cases though, and you’ll also need to be aware that any properties sold at auction do have the potential to sell for above asking price. There will also be a reserve price set, which is usually within 10% (+ or -) of the guide price.
However, if you’re keen to find a bargain, below are 5 homes which have gone on the market this month for the bargain price of £10,000 or less.
Dean Street, Shildon, County Durham
In move-in condition, this two-bedroom freehold property is being sold via auction with a very reasonable guide price of £5,000. Even for Shildon, which has been crowned the UK’s most affordable town to live in for the past three years running, this is a great price!
Located half a mile from Shildon train station, the property is also within easy walking distance of the town centre.
Although it could benefit from a little decorative TLC, given that the average property price for a terraced home in the North East town is currently £66,256 this property could be a great investment.
Sydenham Place, Bradford, West Yorkshire
In excellent, turn-key condition, this two-bedroom terraced house is being sold on a freehold basis via auction with a guide price of £10,000. The property is laid out across four floors, with scope to extend – subject to planning – and plenty of useable space at the basement level. There is also a garden to the front of the property and views over scenic Peel Park.
The average sold price for properties in Sydenham Place over the last year was £105,250. A similar two bedroom property sold for £63,000 in August 2021 and prices have increased locally by 34% since then.
Salisbury Street, Blyth, Northumberland
This two-bedroom, two bathroom, terraced house in the North East county of Northumberland is for sale on a freehold basis. The property is currently configured as two separate flats, with the option to return the layout to a single, larger dwelling.
A blank canvas in need of redecoration throughout, the house also has a self-contained paved courtyard.
The average sold price in Salisbury Street in the last 12 months was £48,375 according to Zoopla, £43,375 more than the guide price for this property.
Norcliffe Street, Middlesbrough
Located in the large North Yorkshire town of Middlesbrough, this two-bedroom, terraced house with a private garden is offered on a freehold basis and is currently tenanted with scope for investment as a buy-to-let.
Walking distance from North Ormesby Park and local amenities, the average property price in Norcliffe Street is currently £50,306 according to Zoopla, 10 times more than the guide price for this property.
Port Werburgh, Hoo, Rochester, Kent
For something completely different, you can hit the high seas in this two bedroom houseboat which comes complete with a separate toilet and shower room.
The boat is sold on a freehold basis with a guide price of £10,000 and includes a residential mooring leasehold in Port Werburgh which is located in the coastal village of Hoo St Werburgh, more commonly known as ‘Hoo’, in Kent.
Considering properties in Hoo had an average sold price of £332,586 over the last year, this represents extremely good value indeed!