The cheapest property for sale in Britain on property website Zoopla has been revealed.
The criteria for the search excluded properties that had anything to do with Government support schemes such as shared ownership and Help to Buy.
It also removed any leasehold properties from its search, concentrating only on freehold properties – where the buyer owns the property outright and does not lease any part of it.
The property is in Chilton, in North East England’s County Durham, and it has an asking price of £29,950 – a tenth of the £289,622 typical price of a property in Britain today.
Cheapest: This property is in Chilton, in County Durham, has an asking price of only £29,950
The freehold property is advertised on Zoopla as having central heating and double-glazing.
The terrace is also being marketed with two bedrooms and an ‘enclosed yard to the rear’.
While the property is functional, the new owners may decide to so some updating.
The bathroom has a white bathroom suite, white tiles and a pink wall, while the kitchen has dated units and wallpaper.
Tom Parker, of Zoopla, said: ‘If you’re looking for a home that has potential but you can truly make your own, this property in Chilton, with a great location near the local park and school and a private enclosed garden, is a great choice.
‘Although this property comes with central heating and double glazed windows, to make the most of your investment ensure you budget correctly as properties that come with a cheaper price tag can often require additional renovation, meaning costs can quickly mount up.’
The bathroom of the cheapest property has a white bathroom suite, white tiles and a pink wall.
The new owners may decide to so some updating in the kitchen of the cheapest house for sale
The unveiling of Britain’s cheapest property follows a mini-housing boom.
The release of pent-up demand following the closure of the housing market in the first lockdown, along with the stamp duty holiday have seen prices surge in recent months.
In July, Chancellor Rishi Sunak announced a temporary stamp duty holiday that cut the rate of stamp duty to zero for all properties £500,000 or under until 31 March 2021.
The average price of a property in Chilton, County Durham, is £98,718, up £4,220 in the past 12 months, according to Zoopla.
The town is close to Darlington, Durham,and Middlesbrough, while Barnard Castle is 20 miles away.
It compares to the typical value of a home in Britain, which stands at £289,622, up £17,208 in the past year.
However, experts said house prices expected to fall ‘significantly’ in the next few months amid ongoing lockdown restrictions and the end of the stamp duty holiday.
The Royal Institution of Chartered Surveyors said its members ‘foresee momentum behind house prices fading significantly over the near term’.
However, it added that the twelve-month view remains positive, with a net balance of 24 per cent of its members anticipating house prices will be higher.