How To Find Cheap UK Property For Sale
Why is searching for a cheap UK property for sale becoming more and more popular in Britain? Everyone wants to find their dream home but one of the biggest obstacles for first time buyers and even seasoned investors is the price.
Even in difficult economic times the cost of houses and land in the UK can still go up and often this may deter people from taking their first step onto the property ladder. If you add to that the problem of saving a deposit and the restrictions on mortgages that are imposed by banks and building societies, it is no wonder that many people feel buying a house is not within their grasp.
However, if you know where to look and are ready to make some compromises about the type of property you can afford, it is possible to find a cheap UK property that will not break the bank and will allow you to take that first step into home ownership or property investment.
Cheap UK property can be a good investment
Of course, not everyone wants to buy a house or flat to live in and there are plenty of opportunities to buy cheap UK property as an investment.
Buying a property that will provide an annual income can be an excellent investment for the future. Using this model can not only provide a regular income but is a good way of building up a pension pot and even the start of a property portfolio.
If you want to buy a house or flat in a particular area or place in the UK you will be limiting your choice of cheap property but if you can be more flexible about the location you will be able to find some property bargains.
City centre properties in places like London, Manchester or Birmingham are always going to be more expensive than those situated outside of the centre. There are still cheap houses available in London and other UK cities but a great deal of homework and diligence is required to find such properties.
If you work in a city but can compromise on commuting time you have a better chance to find a more affordable property in the country. Many people come to the conclusion that paying a more modest price is a better option than finding the ideal location.
How to find cheap property in the UK
How do you go about finding cheap property for sale in the UK? In the not so distant past an estate agents would be a first port of call. In the 21st century there are a lot more choices when it comes to finding cheap properties for sale.
There are literally hundreds of property search websites and most of them cover the whole of the UK. If you see a property that appeals don’t be put off by the asking price as this may be wildly optimistic and sellers will often take a cut if they are anxious to move.
If you are looking for a particular type of house or flat and these appear to be in short supply or sell very quickly it may be beneficial to think again about what type of property you can afford. Of course, local estate agents are the experts in their specific area so if location is paramount you can register and be notified about cheap properties as soon as they appear on their books.
Do your own property search
You can also do some detective work yourself and take a trip around neighbourhoods or places looking for ‘For Sale’ signs, notices of upcoming property auctions or even to spot potential properties directly. This is also a good opportunity to check for any obvious shortcomings with a neighbourhood such as planning proposals for more housing that could have an impact or even the possibility of living under a flight path.
Visit properties and areas in person
One of the most productive ways of finding cheap UK property is to personally visit the area you are interested in. Although this may take some effort, some people have reaped great rewards by putting in legwork.
Many a cheap UK property is simply not advertised for sale and there are steps you can take if you should stumble across a property you are interested in, such as a derelict property for sale, some woodland for sale or even some potentially cheap land for sale.
Talk to locals, make local enquiries and try to gain a foothold if you see a property which catches your eye. If you are careful, civil and seem genuinely interested you can find out who owns a property through some of these methods. The property may never appear on the market and you could be the first in the door.
Think about the type of cheap UK property
If you are looking for a house to live in and call home, your search for cheaper UK property doesn’t have to be confined to houses ready to live in. There is also the possibility of buying a derelict or neglected house to renovate, this could literally save you thousands and possibly make you a lot of money afterwards if you re-sell the property.
Taking property values into account
When looking for cheap properties it is also important to consider resale values. Properties that have a short leasehold are more difficult to sell on. In addition, flats that are purchased on leasehold terms can incur ground rent and sometimes annual maintenance charges. Most freehold cheap properties offer a better prospect for resale.
Cheap UK Property FAQ
Where can I buy cheap property in the UK?
The best areas in the UK to look for cheaper properties include rural and countryside areas, such as parts of Northern England, Wales and Scotland. You can also find cheaper property in certain industrial towns and former mining villages. Consider buying a derelict property to renovate to save money.
Is it cheaper to buy a derelict property?
Yes it is generally cheaper to purchase a property which is derelict, run-down or essentially abandoned. It is not wise to jump into ay del as renovating a derelict property can prove to be expensive. In addition, special planning permission may be required if the building is listed or protected in some way.
Can you make money flipping cheap property?
Is it possible to make money buying, renovating and selling property but great care must be taken as it is also possible to lose a great deal of money. Before purchasing any property you wish to 'flip' or re-sell, make sure you have conducted all the checks and surveys, found out about any likely planning permission issues and calculated your property renovation costs thoroughly.
Consider cheap UK property sold at auction
Cheap properties sold at auction can give you the chance of getting a bargain as prices are often as much as 50% lower than properties sold through normal channels. If you are considering this option, there are a few steps to take to ensure you are fully prepared.
Take the time to go to a few auctions beforehand so that you are familiar with the process. Make sure that you stick to a budget and don’t get carried away by frenzied bidding. Many cheap properties at auction require extensive renovations so be prepared to factor in this extra cost.
The cheapest places to buy property in the UK
This table displays examples of cheaper property by average price in selected areas.
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Get your property finances ready to buy
If you are ready to buy you are in a much better position when it comes to purchasing cheap UK property. Not only can you make an offer ‘on the spot’ should you find an attractive property, but you can place bids for property with confidence knowing your budget is in place.
it can be heartbreaking to find a property which really interests you, such as an empty church building or a barn for conversion, only to find out you cannot raise the finance due to the current condition or status of the property.
Allow time to find the right property
Finding a good cheap property can take time and if you factor in the buying process it could be many months before you actually own the property. Take your time and don’t make any rash decisions such as buying a property which you don’t have the money to renovate or restore.
Be open minded and don’t restrict your property search to a single area. Sometimes finding cheap UK property involves a change of lifestyle and considering parts of the country you may have overlooked, such as buying a derelict property in Scotland or purchasing a completely rundown house for sale in the north of England.