HOUSE buyers can bag a bargain family-size home with three bedrooms and a garden for just £40,000.
The semi-detached house is the cheapest of its kind on property portal Zoopla, and is a fraction of the average house price.
Property prices currently stands at £267,000, according to the Office for National Statistics (ONS).
A 10% deposit works out at just £4,000 – thousands of pounds less than the average first-time buyer down payment, which last year was £57,278, according to Halifax.
The price tag falls far short of the £500,000 stamp duty threshold too so you won’t have to stump up extra funds for the land tax.
The catch? It’s not exactly in the city centre and you’ll need to be prepared to carry out some minor renovation work to modernise it.
What help is out there for first-time buyers?
GETTING on the property ladder can feel like a daunting task but there are schemes out there to help first-time buyers have their own home.
Help to Buy Isa – It’s a tax-free savings account where for every £200 you save, the Government will add an extra £50. But there’s a maximum limit of £3,000 which is paid to your solicitor when you move. These accounts have now closed to new applicants but those who already hold one have until November 2029 to use it.
Help to Buy equity loan – The Government will lend you up to 20% of the home’s value – or 40% in London – after you’ve put down a 5% deposit. The loan is on top of a normal mortgage but it can only be used to buy a new build property.
Lifetime Isa – This is another Government scheme that gives anyone aged 18 to 39 the chance to save tax-free and get a bonus of up to £32,000 towards their first home. You can save up to £4,000 a year and the Government will add 25% on top.
Shared ownership – Co-owning with a housing association means you can buy a part of the property and pay rent on the remaining amount. You can buy anything from 25% to 75% of the property but you’re restricted to specific ones.
“First dibs” in London – London Mayor Sadiq Khan is working on a scheme that will restrict sales of all new-build homes in the capital up to £350,000 to UK buyers for three months before any overseas marketing can take place.
Starter Home Initiative – A Government scheme that will see 200,000 new-build homes in England sold to first-time buyers with a 20% discount by 2020. To receive updates on the progress of these homes you can register your interest on the Starter Homes website.
The house is in New Cumnock, a mining town in East Ayrshire, Scotland.
It’s freehold, meaning that you own the property and the land it sits on so you won’t face any extra fees like those charged to leaseholders.
There are three double bedrooms upstairs, as well as a family bathroom.
Meanwhile, downstairs there’s an open lounge and dining room, as well as the kitchen.
It has plenty of outdoor space, with a spacious garden at the front and the back.
The house is only attached on one side and is close to neighbours on the other.
The house is far from run down though, and the new buyers could move in straight away if they weren’t interested in updating it.
The carpets look like they could need replacing – any added costs will need to be factored into your house buying budget.
Zoopla’s search excluded leasehold and shared-ownership properties, which may have cheaper upfront costs.
You can also save cash by opting for a smaller property or somewhere with less outdoor space.
The house is listed as “offers in the region of” which means the seller may accept a smaller price.
However, it also means the price could go up too. This is something you will also need to consider when making an offer.
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Haggling can be awkward for us Brits, but we’ve spoken to the experts to find out the best tips for how to negotiate a cheaper price for your dream home.
If you’re a first-time buyer looking to get on the property ladder, you should read our ultimate guide to the process.
Fancy a nose around more homes? This is the cheapest house for sale on Zoopla. It costs £25,000 – a tenth of the average property price.