Which house for under 50K?

[Valeriane]

Just out of curiosity I decided to see what you could get for 50K or less in the UK. Hopefully this massive link will work for you so you dont have to adjust search settings yourself. Which do you think appeals to you most?

www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=USERDEFINEDAREA%5E%7B%22id%22%3A1339917%7D&maxPrice=50000&sortType=6&propertyTypes=bungalow%2Cdetached%2Cflat%2Csemi-detached%2Cterraced&mustHave=&dontShow=retirement%2CnewHome%2CsharedOwnership&furnishTypes=&keywords=

www.rightmove.co.uk/properties/116235860#/?channel=RES_BUY

This must be in a pretty naff area?! It’s a decent enough looking house. 3 bed. Looks like cosmetic work. There has to be a reason for that price tag!

These look ripe for Homes Under The Hammer

Auction estimate - have you never seen Homes Under the Hammer?? Will go for considerably over that.

My initial thought is West Midlands = mining = subsidence = insurance/mortgage nightmare.

Looking within 40 miles of Glasgow, there isn't one house under £50k where I'd actually be comfortable living.

Theres a flat in Lewisham on there for 40K 😵 Its selling by auction though, what does that mean? How can it be so cheap?

Likely mortgage repossessions where the lender just wants what’s owed back and has no real incentive to sell for a high price, they just want a quick sale.

@Bobholll

www.rightmove.co.uk/properties/116235860#/?channel=RES_BUY

This must be in a pretty naff area?! It’s a decent enough looking house. 3 bed. Looks like cosmetic work. There has to be a reason for that price tag!

Next door sold for £130k last year.

@Bobholll

www.rightmove.co.uk/properties/116235860#/?channel=RES_BUY

This must be in a pretty naff area?! It’s a decent enough looking house. 3 bed. Looks like cosmetic work. There has to be a reason for that price tag!

It's a guide price. I bet it will go for well over that, probably double at least. Our house had a guide price and we ended up paying £40k more but we expected it because we knew the area.

@MLMshouldbeillegal
What about this 2 bed flat a little further afield?
www.rightmove.co.uk/properties/116134349?utm_campaign=property-details&utm_content=buying&utm_medium=sharing&utm_source=copytoclipboard#/&channel=RES_BUY

I’m know Glasgow and north east at pretty well so know a lot of these. As an outsider they aren’t places I’d chose to live, however if you are local, then some of them are pretty nice, esp inverClyde. At the end of the day, if you are only on £15-£20k a year then this is realistically what you can get for a mortgage. Better than renting.

Some are part shares and some have sitting tenants - both factors mean that they are valued completely differently.

But I agree with redtartan. Some so-called 'poor' neighbourhoods can be OK places to live. It's the people who make a neighbourhood; if they can't earn much it does NOT necessarily make them bad neighbours.

Valeriane

Theres a flat in Lewisham on there for 40K 😵 Its selling by auction though, what does that mean? How can it be so cheap

Well for a start it isn’t going to go for £40,000 it will go for more and secondly you are only buying it for 7 years. To extend the lease will cost much more

Saw the gorgeous flat in Edinburgh and was very tempted to move immediately - then saw it was only a 25% share - that's mean including shared ownership!!!

I bought a house at the end of 2019 for £45k at auction. Bang on the guide price. 2 bed terrace in a nice part of a small (but not great and quite remote) town. Was for me to live in when I work away. Cost £20k to sort the issues and decorate (although because of COVID I outsourced a lot of this at increased cost). I love it so much.

House prices are crazy now. The work I did meant it would have been worth about £80k in 2019 but I could easily ask £90/£95k for it now. It's crazy how much house prices have gone up. I should sell it because I have been working from home pretty much since I bought it - but I love it too much.

Most of these are auction properties with ridiculously low guide prices.

Some have slipped through the filter and are shared ownership.

I think by the time you get rid of the auction stuff, the shared ownership, the land and static caravans/chalets and those places that are unmortgagable there are a fe

Sorry finger dabbed the post button

There will be a few that will be habitable and mortgageable. I wish Rightmove had these type of filters.

There are always flats in a particular location that look very good value but when you look closer, the service charge is exhorbitant.

I've seen worse than the first two, my first house was a hovel when I bought it. 50k where I live would get you a council maisonette 2 bed on a dump of an estate, to buy private you would need to spend a minimum of £170k.

I actually viewed a place that is in the under £50k list.

It was an ok house. Perfectly decent but then looking at it closely it had a really bad issue.

Nothing wrong with the actual house itself but whoever built them and divided up the garden meant that the fences and boundaries were just wrong.
You had part of your neighbours house in your garden and your other neighbour had part of your house in their garden and the neighbours extension was actually built on to part of your house. It had fallen through so many times and you had to wonder why

Plenty of 2 bedroom terraced houses in or near my nearest large town at or under that price.

I did a search for the town, and within 5 miles and it came up with 40 properties. I am in South Yorkshire.

@RampantIvy
I searched the whole of Yorkshire and there is a lot there, but a lot of it looks in bad nick. If you search Lancashire there seems to be more in better shape. I searched Sussex and there was literally nothing bar beach huts and caravans. (I searched the three regions I have a connection to!).

@Kennykenkencat
Re that London flat, couldn't you just buy it, live in it for 5 years and save like mad, then sell it on without extending the lease, knowing that SOMEONE will definitely buy it off you?

Had a quick flick through and recognise a few place names. There are a lot of old pit villages and mining areas that have still not quite recovered and can be hard to find work/commute from. Many of the houses will not have had anything spent on them since forever and will probably need the same again spending to put right. I grew up in an area like these. There's nothing outright wrong with them, in fact for a while we were quite well served by various initiatives to provide services/opportunities but without getting overly political, that's not so much the case any more.

There is LOTS in Scotland. This flat just came on and I think it's really nice for the price, it's right by Greenock station which gets you to Glasgow. I'm going to assume from the price though that the area is rough
www.rightmove.co.uk/properties/116283500?utm_campaign=property-details&utm_content=buying&utm_medium=sharing&utm_source=copytoclipboard#/&channel=RES_BUY

I searched the whole of Yorkshire and there is a lot there, but a lot of it looks in bad nick.

Yes, I wouldn't want to live in any of those properties.

Valeriane

Kennykenkencat
Re that London flat, couldn't you just buy it, live in it for 5 years and save like mad, then sell it on without extending the lease, knowing that SOMEONE will definitely buy it off you

You could but it will go for a lot more than £40,000.
Plus I would think you would have to spend over £60,000 more to extend a lease if you only have 1 year on the lease as opposed to 6 years.

Leases when they get to this level get more and more expensive each year they drop.

I would want to refine my search criteria to... no leasehold, no shared ownership and no auction properties.

For £50k I expect there would then be very slim pickings!

@Yants

I would want to refine my search criteria to... no leasehold, no shared ownership and no auction properties.

For £50k I expect there would then be very slim pickings!

Ditto