HOUSE prices may still be high as demand for homes continues, but you can still bag a home with £5,000 or less in the bank.
Property prices have been rocketing recently as Brits race to bag space of their own, fuelling higher costs.
Soaring prices were also driven by the stamp duty holiday last year – and as there was only a limited window of time to avoid paying paying the hefty tax, budding buyers raced against time to clinch a deal and save thousands.
Coupled with a shortage of homes on the market, prices boomed – and still remain high.
Some areas of the UK could see house prices grow by more than 7% in some areas this year.
According to the Office for National Statistics, the average UK house price has rocketed by 10.2% over the past year to a whopping £268,349 in England as a result.
If you’re worried about being priced out of the market, then we’ve rounded up six properties listed on Zoopla where you’ll only need £5,000 or less to put down a 10% deposit and bag yourself a home.
Although £5,000 is still a lot of money to save for, it’s considerably less than the £26,000 you’d roughly need to save for the average home.
You also wouldn’t need to pay any stamp duty on it – it falls well short of the £500,000 stamp duty threshold meaning you won’t have to pay a penny towards the levy.
However, as you would expect with such a small price tag, some of the houses need a lot of work.
That means you would need more savings in place to afford the renovation work needed.
It’s also worth paying a survey for any property before splashing out – especially if it needs doing up.
These can cost £900 or more for the most in-depth ones such as a building survey – and prices depend on the size of the property.
Three bed home, Staffordshire – £4,000 deposit
For sale at £40,0000 as well is this house in Chester-Le-Street, Durham.
It means you’ll need at least £4,000 to put down a 10% deposit for it.
It could be a great option for a family home, with three bedrooms, a bathroom, two reception rooms and a yard at the back.
But it needs a makeover before you could make this house into a home.
The interior is outdated, and you’ll most likely have to update the bathroom and kitchen with new appliances.
Two-bed home, Cumbria – £4,000 deposit
This two-bed home in Millom, Cumbria, is on the market for £40,000 – which means you need £4,000 to put a 10% deposit down for it.
It has a bathroom, kitchen, living room, and spare room too – which is big enough to be turned into a nursery or study, according to the advert.
You’ll be a stones throw away from the Lake District National Park, perfect for long walks.
But you’ll need money spare to do it up.
Household junk is piled up around the house, and all the rooms look like they would need work done to them before they can be lived in.
Marks on the wall look like there could be water damage or mould, indicating potential building issues with the property.
Two-bed house, Hull – £4,000 deposit
Looking for a cheap home in Hull? You might want to check out this two-bed home for sale.
It also has a bathroom, reception room, kitchen and front and back garden.
It’s listed for sale at £40,000 – which means you’ll need £4,000 at least to be able to put down a 10% deposit to clinch it.
Although some of the rooms – such as the kitchen – appear to be in good condition, others need some work.
There look to be stains on the walls in one of the bedrooms, indicating water damage, and the bathroom looks in need of updating.
Two-bed house, Durham – £4,000 deposit
For £40,000, you’ll get a two-bed house in Bishop Auckland, Durham.
That means you’ll need at least £4,000 saved for a 10% deposit.
The house also comes with a living room, utility room, bathroom, and garden to the back.
Be aware though that the house looks like its going through renovation work already.
All the rooms pictured have been stripped, with ladders and planks of wood dotted across the house.
That means that it won’t be liveable until it’s been done up.
Two-bed home, Durham: £5,000 deposit
Also in Bishop Auckland is this two-bed house in Durham.
Budding buyers can nab it if they have at least £5,000 in the bank for a 10% deposit, as its listed at £50,000.
It has a living room, dining room, kitchen and outdoor yard.
As like the other properties, it needs a bit of TLC.
Although the bathroom looks in good shape, the kitchen could do with some new counters, and the carpets look worn throughout the house.
The skirting boards are coming off in some parts of the house – making it worse for wear.
Make sure to budget for the work that needs doing.
Two-bed house, Durham: £5,000 deposit
If you’re looking for a home you can move straight into, it looks like this two-bed home in Durham could be a winner.
The kitchen looks spotless, although the bathroom might need a little bit of tending to.
It also has a dining room and lounge.
Listed at £50,000, you’ll need at least £5,000 to put down a deposit for it.
Take a look at the cheapest house on the market that costs a tenth of the average house price.
Here’s where house prices didn’t soar last year – see which areas are still affordable.
Here’s what first-time buyers should NEVER do when applying for a mortgage.
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