A £15,000 one-bedroom flat in Preston, Lancashire has been named one of the cheapest homes on the market in the UK.
The second floor flat is up for sale at just £15,000, making it a tenth of the price of the average British home and £5,000 cheaper than the typical wedding.
It is one of just four properties that are currently on the market for £2,000 less than the cost of a brand new Mini.
The one-bed Preston flat comes with its own parking space and a shared outdoor area.
Although the décor may need updating, the flat could be the perfect home for a first time buyer who can then redecorate to their own taste.
Another of the properties that costs the same as a luxury trip to the Maldives is in the village of Hawick on the Scottish borders and another is located in a traditional two-storey villa in Dunoon. The fourth is a third flood flat in Barrow-in-Furness, Cumbria.
The value of these homes is half that of the average mortgage deposit in the UK, which is now over £31,000.
HouseSimple.com, an online estate agent, conducted the survey to find the cheapest homes in the UK, as the average property price is now just under £300,000.
The website’s Alex Gosling comments on the properties: “They may not be much to look at, and they may need a little TLC, but it does seem crazy in this day and age, when the average UK house price is so high, that you can still buy a property for a tenth of that price.”
He believes that the buyer of these homes could make a significant sum out of renovating them to a good standard.
“Even if you decide these properties are not to your taste, £20,000 could be a very nice deposit towards your dream property,”1 he adds.
At the end of last year, it was revealed that there are now just two boroughs of London where you can buy a typical property for under £300,000.
Buyers can still find affordable homes in Barking and Dagenham and Bexley, but the dream of homeownership is slipping out of the sights of many first time buyers in the capital.
To get onto the property ladder in the cheapest boroughs, buyers will need a deposit of at least £45,000 for a home worth around eight times the average London salary, which is about £35,000 per year.
The Royal Borough of Kensington and Chelsea in west London has been named the most expensive place to live in Britain; just one square metre of property costs an average of £12,000.
This is almost six times the national average of £2,033 and £2,000 more than in the City of Westminster, which came in second place.
All of the top ten most expensive places to live are in London, with Camden, Hammersmith & Fulham, Islington, Wandsworth and Hackney also on the list.
Outside of the south of England, Altrincham, Cheshire is the most expensive town, with homes costing an average of £2,446 per square metre.
Some other areas outside of the capital that are pricey for property buyers are Solihull, Warwick, Leamington Spa, Edinburgh, Aberdeen, Harrogate and York.
Homebuyers seeking more space for their money may want to consider Aberdare or Merthyr Tydfil in south Wales, Wishaw or Airdrie in Scotland or Accrington or Blackpool in Lancashire.
In 2015, two rundown terraced houses on the same street went onto the market at a combined guide price of £12,000 for both.
One of the homes went up for sale at a guide price of £7,000 and was soon followed by another property just a few doors down in the mining village of Tonypandy, south Wales, which went on the market for £5,000.
The houses on Oak Street – one of Britain’s cheapest streets – both have three bedrooms, an entrance hall, living room and dining room.