When it comes to buying a new home, Britons know they’ll have to part with a lot of money. Cheap properties are not common in the UK, with new buyers finding it particularly difficult to get on the property ladder. So this property is likely to attract a lot of attention from buyers, after it was listed on Zoopla for just £16,733 – less than a quarter of the average London deposit. According to the Nationwide Building Society, a typical 20 per cent deposit in London was around £80,000 in 2018.
The fully furnished apartment, which is located in Edinburgh, includes two bedrooms, and two bathrooms, as a well as a built-in kitchen.
The house has been freshly decorated with white walls, wooden flooring and brown soft furnishings.
Potential buyers can make use of two dining areas, with the spacious kitchen containing a smaller table for four and the hallway allowing for a six-seater dining table.
Those looking to buy this home would benefit from its location, as it’s situated in the city centre with principal commercial, leisure and shopping areas all within easy reach by public transport.
So why is it so cheap?
The average value for a flat within the area was estimated at £364,410, with most houses selling for around £367,810, which may confuse those interested in this property, which is less than quarter of these prices.
One look at the description , however, and the lower price becomes clearer.
The estate agents revealed that it is in fact a lucrative opportunity for buyers to purchase this property with five years remaining on the Leasehold.
The specialised serviced accommodation offers high rental income, with this property offering a potential projected £92,919.00 net profit over the full 5 year term.
However the estate agents were keen to point out that there isn’t actually an
opportunity to purchase at the end of the term.
The ad reads “There is no option to purchase at the end of the term. Tenants may choose to self occupy this apartment although gps would advise that this property is set up for and used as serviced accommodation. The figures provided are potential returns and we offer no guarantees.”
Another property was recently listed on the property site for a shockingly low price.
A three bed house in Peterlee, County Durham, was posted for just £34,000.
As well as its desirable price tag, the end terrace house also has two bathrooms, making it suitable for a growing family, as well as a garden to the rear and parking available on the street.