The mini-housing boom has seen the average price of a home in Britain rise around £24,000 during the past year to almost £245,000.
But this doesn’t mean to say that it isn’t still possible to find a bargain if you’re currently on the lookout for your next home to buy.
We have found some examples on property website Zoopla of homes that cost less than a fifth of the typically priced British home.
You may need to compromise on location or condition, but the relatively low price tag may be enough to tempt you to take a closer look.
We reveal four homes for sale with price tags of £40,000, including this four-bedroom detached house in the Scottish Highlands (scroll down for more details)
Tom Parker, of Zoopla, said: ‘The property market is enjoying a once-in-a-generation boom but that doesn’t mean there aren’t bargains to be had if you look hard enough.
‘While you won’t often get the finished article for £40,000 there’s plenty of properties with ample opportunity to be improved if you have the money and imagination.’
It comes after the average value of a home in Britain was revealed to have risen by around £24,500 between July last year and the end of June this year.
Nationwide said that the average cost of a home now stands at £244,229, although this is a drop from £245,432 in June, following the end of the stamp duty holiday.
Robert Gardner, Nationwide’s chief economist, said: ‘Buyers had rushed to complete deals before the deadline, with the number of housing market transactions soaring to a record high of almost 200,000 in June, which is around twice the typical monthly number before the pandemic.’
All of the selected properties are in the North and Scotland, and some need updating.
But two have the benefits of being moments from the sea, an unexpected perk that is likely to appeal to house hunters amid the pandemic – especially when the price tag only reads £40,000.
Here are pick of homes with price tags of £40k…
1. Four-bed house in Unst, Scotland,
This four-bed detached house in the Scottish Highlands is for sale for £40,000 via estate agents Anderson Strathern
The four-bed property could prove to the perfect pandemic pad as it is moments from the coast
The property is on Unst, which is the most northerly island in Shetland and the northern most part of the British Isles
If you didn’t think it was possible to buy a four-bedroom detached house for £40,000, think again as this property fits the bill.
It is in the Scottish Highlands and requires some updating, but it could make a comfortable family home.
Unst is the most northerly island in Shetland and the northern most part of the British Isles. The property is available to buy via estate agents Anderson Strathern.
2. Two-bed house, Saltburn-by-the-Sea, North Yorkshire
Heading towards the beach? This two-bed property is a short distance from the coast in North Yorkshire
The property requires some updating and is on the market for £40,000 via estate agents Michael Poole
This terrace property is in a quiet street just off a high street and moments from the coast in North Yorkshire.
It has two bedrooms and is advertised for sale via estate agents Michael Poole.
3. Two-bed house in South Moor, County Durham
This two-bedroom house in South Moor is available to buy for £40,000 via estate agents Sylvester Properties
The terrace property has a kitchen with grey cabinet doors alongside black worktops and flooring
This terrace house in County Durham has two bedrooms but requires some updating, including in the bathroom.
Outside, there is an enclosed yard. The property is for sale via estate agents Sylvester Properties.
4. Two-bed house in Pontefract, West Yorkshire
This two-bedroom property in Pontefract, West Yorkshire is for sale for £40,000 via estate agents Park Row Properties
It needs a makeover! The property’s bathroom has a window and requires extensive updating
This two-bedroom property in Pontefract, West Yorkshire is close to two primary schools and has good access to public transport with two station within a mile.
Outside, there are paved areas at the front and at the rear of the property. It is for sale via estate agents Park Row Properties.