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.
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There are two bedrooms upstairs in the house Credit: ZOOPLA
But as you’d expect for the small price tag, the house needs a lot of work before it can be lived in.
The photographs show shabby carpets and evidence of water damage on some of the walls, potentially indicating the home has damp.
Worryingly, the dated bathroom has “do not use” tape sealed across the waterworks and toilet.
However, it already has gas central heating installed, as well as double glazing.
There is also a sizeable driveway for two cars at the front of the house and a decent size yard around the back, ideal for those in need of some outdoor space.
Grangetown is situated on the edge of the North York Moors National Park and a five minute drive away from Redcar seafront.
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The bathroom currently has “do not use” signs on itCredit: ZOOPLA
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There is evidence of damp in the house which buyers will need to be wary of Credit: ZOOPLA
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.
