A TWO-bed house in Middlesbrough has gone on sale for £25,000 – a tenth of the average property price in the UK.
The detached property in Grangetown is the cheapest house on sale in Britain on the property portal, Zoopla.
It will cost prospective buyers £220,443 less than the average sale price, which currently stands at £245,443, according to the Land Registry.
Zoopla’s cheapest house criteria excluded Help to Buy, shared ownership and leasehold properties, which can see lower upfront costs but bigger charges later on.
Of course, you could save even more cash by buying a flat or maisonette, plus we’ve seen houses on the market for less – even as low as £1.
The home has two bedrooms, one bathroom and one reception room.
It’s also within commuting distance to Teesside.
The seller is looking for offers over the asking price, which you will need to factor into your budget.
But thankfully, the home falls well short of the £500,000 stamp duty threshold meaning you won’t have to pay land duty.
You’ll also need think about how much cash you will need to fix the property up.
Before buying a house, especially one that needs work doing to it, you should pay to have a survey carried out.
These are on top of the survey your mortgage lender will carry out and prices depend on the level of detail you want.
For example, a condition report costs around £300 and will give you a summary of defects and possible risks.
A building survey is the most detailed report you can get and will cost you upwards of £500.
If you’re a first-time buyer looking to get on the property ladder, you should read our ultimate guide to the process.
We’ve previously spoken to homeowners who took on the challenge of buying a fixer-upper.