Over the last 30 years, we’ve seen the average UK house price rise from under £50,000 (£48,953 in 1988*) to £228,903 as of April this year**; that’s an average yearly price increase of around £5,800! With that kind of year-on-year growth, it would be perfectly logical to believe that the idea of buying a house in the UK today for £50,000 or under, was just an impossible pipe dream. However, our research has revealed this pipe dream is an actual reality.
We set ourselves a challenge to find a freehold house in the UK for sale for £50K or less and were pleasantly surprised to find several in unexpectedly good locations.
Take a look through the keyhole of just five of the £50K (or cheaper) properties we found:
1. Three-bedroom house, County Durham – £39,950
This attractive 3 bedroom terraced house in Ferryhill, County Durham is being offered for sale with no onward chain and is ‘priced to sell’ at a knock-down price of £39,950. The house which benefits from an enclosed garden at the front and a yard at the rear, has already seen some money spent on modernisations such as the installation of gas central heating, but further improvements are required to bring it up to scratch. The house, which is located just a 12-minute drive from Durham University, one of the UK’s top universities, is being marketed with a £39,950 price tag by Robinsons, Spennymoor.
2. Stunning chapel with planning permission, Wrexham – Guide price £50,000
This stunning Chapel, situated within the rural community of Windy Hill about four miles outside Wrexham, has planning permission for conversion into a spacious, residential home. It is being offered for sale by informal tender at a guide price of £50,000 with sealed bids invited to Bowenson and Watson Wrexham estate agents by midday on Friday 12th of July.
3. Detached two-storey former coach house in Cleethorpes – £27,000
Another property with planning permission to extend and develop is this detached two-storey former coach house on a quiet residential street in Cleethorpes, a seaside resort on the estuary of the Humber in North East Lincolnshire. Offered for sale by Jackson Green & Preston with an asking price of £27,000 this property gives the buyer plenty of flexibility to carry out the renovation and still have change in their pocket from their £50K budget.
4. Three-bedroom bungalow overlooking Swansea Bay – Guide price £42,000
Location, location, location is the order of the day with this modest three-bedroomed bungalow situated in a quiet hillside location in Skewen, Neath, South Wales. The property, which benefits from a conservatory, garden and a detached outbuilding, offers stunning, elevated views over the Neath Valley toward Swansea Bay and has plenty of development potential (subject to planning permission). With a guide price £42K, the bungalow is only available to cash buyers via an online auction, with bidding opening on 28 June and ending on 19 July. We can see this one raising quite a bit of interest…
5. Four-bedroom house, Orkney, Scotland – £45,000
Get away from the hustle and bustle of everyday life with our final property, a stunning four-bedroom semi-detached house in the scenic village of Lady on the island of Sanday in the Orkney Islands, a remote archipelago northeast of mainland Scotland. Orkney was recently named ‘the best place to live in Britain’ in a Halifax quality of life survey that measures employment levels, crime rates, exam results, class sizes as well as health and happiness scores. The attractive cottage, which is in need of updating and modernising, comprises a spacious lounge, kitchen/dining area, four bedrooms and family bathroom. More importantly, it boasts amazing views over the surrounding countryside, the beautiful beaches and the sea beyond… The property has a guide price of £45,000 and is being marketed via Auction House Scotland.
It probably won’t surprise you to learn that all of the properties on our list need some form of renovation, development or re-decoration to make them attractive and comfortable to live in, or that some of the auction properties may well sell for higher than their guide price, but what we were so impressed with following our research was how many of these £50K UK properties were located in desirable areas; and with the houses listed above only costing between £27,000-£50,000, they are very affordable too.
*According to the Nationwide house price index
**According to Office for National Statistics House Price Index
All prices and property listings correct at the time of writing mid-June 2019