It is no secret that getting on the housing ladder seems like an impossible dream for many young people.
Some are able to live with parents whilst desperately saving for a ten per cent deposit on a home, whilst other house-hunters are forced into rental properties, essentially paying their landlord's mortgage for them.
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And with ONS figures showing the average UK house price was £278,000 in March 2022, a ten per cent deposit equates to a massive £27,800.
That's around what the average UK full-time worker earns in a whole year.
But there is some hope as there are plenty of North East homes currently on the market for a fraction of £278,000.
Here we've listed five of the cheapest currently on the market in the region...
- Seventh Street, Peterlee, £28,000
This two-bedroomed terrace house in in Peterlee is currently vacant and is described by estate agents as a 'great investment opportunity' though it is in need of 'a tidy up'.
The house is close to two primary schools and is available to buy as a freehold.
A ten per cent deposit on this house would cost just £2,800.
- General Butcher Court, Bishop Auckland, £28,500
This one-bedroomed one-bathroom studio apartment in Bishop Auckland is available as a leasehold purchase for offers around £28,500.
It is currently tenanted, boasts communal parking and estate agents say it 'offers a very attractive yield for a potential investor'.
It is also described as a perfect first-time investment opportunity.
- Jackson Street, Hartlepool, £33,000
This Hartlepool home is described as a tidy two bedroom terrace that would make an ideal first purchase or investment opportunity.
The accommodation comprises of an entrance vestibule, lounge, kitchen, family bathroom and to the first floor there are two bedrooms.
Outside there is an enclosed rear yard.
- Seventh Street, Horden, £35,000
This is a terrace house in need of updating - the estimated refurbishment cost is up to £6,000, which will include electrics certificate, gas certificate and EPC.
It has two bedrooms, one bathroom and one reception room.
Once refurbished it could generate a monthly rental income of up to £425 according to the marketing material, with tenants ready to move in and builders in place to carry out the neccesary works.
- Walter Street, Shildon, £39,950
This two bedroomed terrace house in Shildon is described as being 'in need of some refurbishment'.
It has UPVC double glazing, gas central heating and a rear yard.
The property comprises of an entrance reception vestibule, lounge with feature fireplace and fitted kitchen/diner.
On the first floor there are two good-sized bedrooms and a bathroom/WC
The property is described by estate agents as another ideal investment opportunity.
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