The total value of properties sold is expected to reach £461billion this year - a jump of 46% compared to 2020
Property prices are soaring across the UK - but there are still some cheap homes about if you know where to look.
Latest data from Rightmove showed property prices jumped by £7,000 in just four weeks to hit an all-time high of £327,797 in April.
But if a home of that price is out of your reach, we reveal the properties that’ll cost you a tenth of this cost as part of a regular sale.
Keep in mind that if you intend on bidding on an auction property, the price is likely to increase depending on how many people show interest.
There are also usually extra fees to pay on top, and sometimes there is a reserve price too.
Do your research first to avoid being stung by unexpected costs.
Cheapest auction properties
£11,000 (guide price)
This two-bed terraced house in Hartlepool, County Durham, has one of the cheapest “guide prices” of £11,000.
As we’ve mentioned before, auction homes can increase in cost rapidly but a “guide price” is generally used as an indicator of the minimum amount a seller is willing to sell for.
The listing on Zoopla describes the property as “requiring full refurbishment and modernisation” and the pictures tell a bit of a bleak story.
The property is ideal for someone looking for a DIY project - and someone who isn’t afraid to get stuck in.
For example, images show floorboards missing in one room, and all the rooms need fully redecorating.
In terms of the number of rooms, it has two bedrooms, two reception rooms, a kitchen and one bathroom.
The auction, which is for the freehold of the property, is due to take place on June 22 by Barnard Marcus.
As part of the T&Cs, each property is sold subject to a fee of £1,150 (inclusive of VAT) plus there may be other charges to pay on top.
£18,000 (guide price)
Zoopla told The Mirror the next cheapest auction home is this one-bed terraced house, also in County Durham, Chester-le-Street, with a guide price of £18,000.
Auctioneers Pattinson describe this home as a "potential rental investment" and the inside isn't as shabby as some of the other super cheap homes we've seen go under the hammer.
The property itself comprises of one lounge, kitchen and one bathroom, with the rooms either carpeted or with vinyl flooring throughout.
The Zoopla listing, which is for the freehold of the property, doesn't say what additional auction costs there may be.
The auction is live now and is due to end on June 29.
£18,500 (guide price)
This two-bed terrace house is in serious need of TLC and is due to be sold at auction with a guide price of £18,500.
Like the other two auction homes flagged by Zoopla, this one is located in County Durham, Horden.
It needs a total renovation, with images showing exposed walls and stripped bare floors that will need sorting.
But if you've got the know-how to take on a project like this, the property itself contains two bedrooms, a dining room-come-kitchen, one bathroom and a courtyard.
Sadly, the Zoopla listing doesn't say when it's going under the hammer, but it says the leasehold is being sold.
Keep an eye on the Hunters website, which is the company holding the auction, for more details.
Cheapest regular sale properties
£29,950
This two-bed terraced house in Hartlepool, County Durham, came out top with an asking price of £29,950 - for this price, a 10% deposit would cost you just £2,995.
The Zoopla listing, revealed in a list of cheapest homes by The Sun, admits that this property needs a bit of work.
There is currently no boiler, there are several radiators missing and the finish is dated throughout.
Property experts recommend installing a new kitchen, bathroom and flooring to bring it back to life.
It does, however, benefit from its own garden - so you'll have your own space to enjoy the sunshine in the summer months.
£31,500
Next up is this two-bed terraced house - again in County Durham - with a listing price of £31,500.
For a 10% deposit on this property, you'll need to save £3,150.
But this home is also in need of a refurbishment, so remember to factor in extra cash to take on this project.
The Zoopla listing recommends a new kitchen, new carpets and an overall deep clean.
The bathroom also needs finishing before this home can be lived in.
Castledene Sales & Lettings are selling off the freehold of this property.
£32,500
Finally, the third cheapest property highlighted by Zoopla is this three-bed house in Muirkirk which is on the market for £32,500.
This means you'd need a deposit of £3,250 to factor in 10% of the property price.
But like others, you'll need extra funds put aside to do it up with work needed on the bathroom and kitchen.
The listing also states that the walls are of weir single skin timber frame which may not be suitable for some lenders.
This type of wall is typically poorly insulated and makes a property more expensive to run.
Retrieved from: https://www.mirror.co.uk/money/inside-6-cheapest-homes-uk-24316662 (14 Jun 2021)