You are here: Home - Mortgages - First Time Buyer - News -

The houses for sale that cost less than a car

Written by: John Fitzsimons
Picking up a new property can work out cheaper than a Ford Fiesta.

House prices may be getting ever more expensive, but research suggests you may actually be able to pick one up for less than the cost of a new car.

The latest Nationwide house price index found that house prices have increased by almost 3% over the last year, to pass £220,000 on average. Yet online estate agent has picked out a collection of properties that are currently available for less than the price of a basic three-door hatchback.

Its study found there are 10 properties on the market currently listed at £14,000 or less, with the bulk located in Scotland, as detailed in the table below:


Alex Gosling, CEO of online estate agent, said: “Despite property prices being unaffordable in many areas of the UK, it’s still possible to find good value out there if you spend a little time doing your research. It’s also a matter of managing expectations and being realistic about what you can afford.

“The examples we found during our research are probably only going to appeal to a very small group of people, because of the amount of work needed to bring them up to scratch. But it does show that even with a modest budget, there are properties out there which are well below the UK average price.”

The added hurdle

It’s not just the amount of work required that makes these homes different though; there’s also the fact that they are available for sale via auction.

Auctions are increasingly being held online as well as in person; it’s not all like Homes Under The Hammer. See’s Ten top tips for buying a house at auction.

If you are interested in buying a property at auction, it’s important to do your homework in advance. A catalogue of the properties which will be auctioned off will be available in advance, and you can arrange visits to give them a look over in person.

If you are still interested, it’s worth sending the catalogue and its terms over to your solicitor, to ensure the correct searches are carried out.

Next you need to think about finance. You will need to put down a 10% deposit on the day if your bid is successful, and then complete within 28 days. A number of bridging lenders offer specialist auction finance – these are short-term property loans, allowing you to complete the purchase and then remortgage to a more conventional home loan later on.

Traditional mortgage lenders simply cannot get their finance in place to support an auction purchase most of the time.

The final step is the auction itself. Happy bidding.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co... Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Stock of the week: Cineworld

Ian Forrest, investment research analyst at The Share Centre, picks Cineworld as stock of the week.