HOUSE prices have fallen in recent months – but the average cost of a UK property still remains a tough ask for some.
Halifax said the typical cost of a UK home was £285,932 in June, down 2.6% from the same month in 2022.
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Not everyone can afford to fork out that much though and it means you would have to save more than £14,000 even for a 5% deposit.
To put down a 10% deposit and secure a lower mortgage rate, you’d need a staggering £28,000 in savings.
But for prospective first-time buyers without so much cash in the bank, there are still some homes you can afford for a lot less.
Property website Zoopla has dug out ten properties in the UK that cost £30,000 or under, requiring a mortgage of £3,000 or less.
Factor in everything
Remember that flats this cheap usually come with some kind of baggage and often need a lot of work done to them.
It’s worth getting a survey done before buying as it could help you avoid unexpected repair costs further down the line.
It will also give you a steer as to how much you might need to invest in the property.
Meanwhile, check what the ground rent is – this is what you are charged for renting out the land from the freeholder.
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Factor in service charges as well, which cover buildings insurance, maintenance, repairs, gardening and communal facilities.
Next, remember you’ll need extra cash in the bank to pay for legal and valuation fees.
And always check what the leasehold length is on a property as shorter ones cost a lot to extend.
Mortgage lenders also tend not to lend on properties with a lease that’s already below the 80-year mark.
Two-bedroom flat, Scottish Borders – £2,300 deposit
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This two-bed flat in Hawick, in the Scottish Borders council area, Scotland, is on the market for just £23,000.
But the property needs significant work doing to it, with all the living spaces having fallen into disrepair.
The ground-floor flat comes as part of a three-storey block with six other units.
There are two schools nearby so it would suit a small family, plus there’s gas central heating and parking close too.
One-bedroom flat, Yorkshire – £2,500 deposit
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This one-bedroom flat in Hull, Yorkshire, is on the market for £25,000, also featuring a bathroom and reception room.
One major perk of the property is that it’s only around 20 minutes walk from the city centre and main train station.
There’s also plenty of schools, restaurants, bars and gyms nearby.
One-bedroom studio flat, Durham – £2,500 deposit
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This one-bedroom studio flat in Hartlepool, Durham, is selling for £25,000, also featuring a separate bathroom.
It might not be best suited to a family due to the kitchen and bedroom sharing the same space.
It’s also worth noting there’s a £671 yearly service charge.
It’s got good transport links though, with Hartlepool train station just a few minutes walk away.
One-bedroom flat, Fife – £2,650 deposit
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This one-bedroom ground-floor flat in Cowdenbeath, Fife, is on the market for only £26,500.
It also features a reception room and bathroom.
Cowdenbeath train station is just 0.1miles away and there’s two primary schools within 0.5miles of the property too.
The flat comes with gas central heating and double glazing throughout.
One-bedroom flat, Northumberland – £2,800 deposit
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This one-bedroom flat in Choppington, Northumberland, is on the market for just £28,000.
It’s on the ground floor so would suit anyone with mobility issues, plus there’s on-street parking.
Bear in mind, there’s an annual service charge of £952.68 and annual ground rent of £106.
Studio flat, Lancashire – £2,850 deposit
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This studio flat in Preston, Lancashire, is on the market for £28,500 and comes with a bathroom.
There’s double glazing throughout and biomass heating, with schools, communal gardens and parking nearby.
Zoopla’s website says the property would be a good buy-to-let option.
One-bedroom flat, Angus – £2,900 deposit
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This flat, based in Arbroath, Angus, is on the market for £29,000 and also comes with a bathroom and living area.
There’s plenty of parks and green space nearby if you’ve got a young family.
Meanwhile, there’s decent transport links and two schools close as well.
One-bedroom flat, South Ayrshire – £2,999.50 deposit
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This one-bedroom upper-floor flat in Maybole, South Ayshire, is accepting offers of £29,995 and over.
It’s around a 10-minute walk to Maybole train station and has two primary schools close by as well.
There’s also a communal garden space for the warmer months.
One-bedroom flat, Aberdeenshire – £2,999.90 deposit
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Another property in Scotland, this one-bed flat is in Aberdeen and on the market for £29,999.
It comes with a reception room and bathroom as well as a modern-fitted kitchen.
There’s on-street parking and decent storage facilities.
Meanwhile, Aberdeen train station is only 0.7 miles away and there’s a couple of schools to choose from nearby too.
Bear in mind, there are usually lots of restrictions in getting a mortgage on a property above a commercial premise, like a convenience shop.
One-bedroom flat, Lancashire £3,000 deposit
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This one-bedroom flat in Preston, Lancashire, is on the market for only £30,000 but does need a bit of work done to it.
The kitchen, bathroom, living room and bedroom all need renovation carried out before they’re livable.
There is however double glazing throughout the property with schools nearby too.
How to get a mortgage
You can apply for a mortgage after finding the house you want to buy by approaching a lender.
Lenders look at your credit score before deciding to offer you a home loan, so it’s important you’ve got a good one.
You may also need to provide documents such as utility bills, proof of benefits, recent payslips, passports and bank statements.
After this point it should take around two to six weeks for your mortgage to be approved, although this can vary depending on who you are getting a home loan off.
You can speed up the process by using a mortgage broker who will be able to find you the best deals on the market.
Usually, the application process happens in these steps:
- Finding a deal you want
- Speaking to an advisor to get a mortgage in principle
- Complete the application
- Wait for your estate agent’s valuation
- Your solicitor authorises the completion of the mortgage on the property
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