BUYING a house is harder than ever during the cost of living crisis – but here’s six homes that only require a £5,000 deposit or less.
House prices have rocketed since the Covid pandemic, with the average house price standing at £292,118 – up 15.5% since this time last year.
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But the market is beginning to cool off as household budgets are being squeezed.
Rising prices and bills are eating into people’s savings – meaning budding buyers are struggling to raise the cash needed for a deposit.
If you’re thinking of putting your dreams of buying a house on ice, we round up six homes that you need just £5,000 or below in the bank for.
They are the cheapest properties listed on property portal Zoopla, excluding those listed for auction.
Although £5,000 is still a lot of money to have spare when times are tight, this is considerably less than the £29,000 deposit you would need for the average property price.
You also wouldn’t need to pay any stamp duty on these properties – they fall well short of the £125,000 threshold, meaning you won’t have to pay a penny towards the levy.
Of course, you should always get a survey done on a property before buying it as it will show up any building issues.
This could save you from forking out potentially thousands down the line rather than discovering your home has faults with it after purchasing.
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One-bed home, Aberdeenshire – £2,500 deposit
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With offers starting from £50,000, you could snatch up this one-bed house in Stuartfield, Aberdeenshire.
It also has one bathroom, a kitchen and lounge area too.
You’ll need to put down a reservation deposit of £2,500 to secure it, which comes off the cost of the final purchase price.
Make sure to have extra cash in the bank to do it up though, as it could do with a bit of a makeover.
Two-bed home, Durham – £5,000 deposit
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This two-bed home in South Moor, county Durham could be yours for £50,000.
It means you would need £5,000 in the bank to put down a 10% deposit.
There’s a lounge, kitchen and separate dining area, with a small back yard too.
It could do with modernising, so you’ll want to have saved up extra money to do it up.
Two-bed home, Cleator Moor – £5,000 deposit
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This spacious home in Cleator Moor, Cumbria, has a price tag of £50,000 – which means a 10% deposit would be £5,000 too.
It has two reception rooms, two bedrooms, a kitchen and bathroom, with a back yard too.
However, be warned – this house might need a lot of work.
There appear to be water marks and mould on some of the walls, indicating water damage and possible building issues with the property.
Three bed property, Middlesbrough – £5,000 deposit
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This end of terrace home in Middlesbrough, North Yorkshire, is on the market for £50,000.
That means you could bag the property with a £5,000 deposit.
It also has three bedrooms, one bathroom and a reception room.
But it looks like the home will need a lot of TLC and plenty of decorating to bring it up to a modern standard.
Two bed property, Middlesbrough – £5,000 deposit
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The fifth property on this list, also in Middlesbrough, is on the market for just £50,000.
It’s got two bedrooms, one bathroom and a reception room across nearly 700 square feet.
The décor is rather outdated though, so you’ll need to invest some money into bringing it up to scratch.
But one massive advantage to the property is that it’s close to local shops and public transport routes, and close to Middlesbrough town centre.
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This spacious terraced house in Bishop Auckland, County Durham, is currently selling for £50,000 – so you’ll need just a £5,000 deposit.
There’s two bedrooms, a bathroom and a reception room in the property with double glazing throughout.
Bishop Auckland train station is just over two miles away and there’s a “Good” Ofsted-rated primary school just opposite.
At the back of the property there’s an enclosed yard with access to a separate garden as well.
If you’ve got a bit more in your budget, this three-bedroom home is on sale for £300,000, but you might be shocked by what’s inside.
And residents on a Derbyshire estate who forked out £400,000 on newbuild homes say they got a nightmare instead.
