Is This The Cheapest Property On The Market In The UK?

The Daily Mirror reports that the cheapest property in the UK listed on Zoopla is a £35,000 two bedroomed house in Hartlepool, County Durham. The house in the Northeast of England looks like a bargain, but there are cheaper properties.

Zoopla has a studio flat in Bradford listed for just £5000 and cheap properties are also listed in auction catalogues.

The average price of a home according to the Land Registry is £265,668, so why the disparity?

There is an 8-bed terraced house in London’s Belgrave Square, Belgravia listed for £77,500,000 and more expensive home have been sold privately!

The adage “location, location, location” accounts for most of the price differential across the country, but there are other reasons why apparent bargain properties come on the market, especially in auctions:

· Defective construction

· Movement or subsidence to foundations

· Defective titles

· Defective leases

· Un-mortgageable properties

Buyers should beware and make their own checks and legal enquiries.

See also: average houses prices falling after the rush to beat the Stamp Duty Holiday - https://youtu.be/O4SSsJ0sRt4.

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