Property for sale: Three bed home in 'sought after location' on Zoopla for £44k – why?

A property for sale on Zoopla has been listed for just £44,995.

This may shock many, as the home is a relatively new build with a well-maintained and modern interior. The home is on Darwin Drive in Lancashire and has been listed by estate agents Ben Rose.

The listing claims the semi-detached home with a large driveway is perfect for first time buyers.

In a sought after location, the average home in the postcode has sold for £151,617 in the past 12 months. So why is this one so cheap?

The listing reveals more details about the property. It reads: “Ben Rose Estate Agents are pleased to present to market this three bedroom, semi-detached, new build property in a much sought after location in Leyland.

“The house is being presented with no chain and has been fitted with new carpets and blinds.

“This home would be ideal for a first time buyer. It is located just outside of Leyland town centre and its fantastic schools, shops and amenities and is in close proximity to the M6 and M61 motorways.”

They list that the home has “a welcoming reception hallway, with the kitchen just off here” and a “spacious lounge with access out to the rear garden.”

There is also a ground floor toilet. On the first floor are three bedrooms and a three piece family bathroom with over the bath shower.

As for outside space, the advert lists: “Externally, to the front of the property is a laid lawn garden which backs onto the generously sized driveway which has room for up to three cars.

”To the rear is a good sized garden that isn’t overlooked and has patio flagging and a laid lawn. The tall wooden fencing and the mature trees to the rear also provide the garden with fantastic privacy.”

So why is the home so cheap? Looked at the advert, it reveals that only a quarter of the property is for sale.

“Please note this property is offered at 25 per cent shared ownership the remaining 75 per cent is done through Adactus. Please call the office for further details,” the advertisement reads.

What is shared-ownership?

Sometimes called equity sharing or co-ownership, it basically means when more than one party owns a house.

Sometimes they buy a house together, otherwise one might buy into a property another owns later.

There is an agreed term, after which one person will by another out or the property will be sold and the value split.

These can encompass Low Cost Home Ownership schemes and part buy/part let schemes.

Another property for sale was recently listed under a similar scheme. 

The home has one bathroom, three bedrooms and a large kitchen and living room.

There is also a good sized garden with a shed and patio area.

The property has a white painted facade and a white door. It has a long path and large front garden.

The listing in located in Cherry Tree Place, Wath-Upon-Dearne, Rotherham and was just added to Zoopla for the small sum by William H Brown Mexborough.

source: express.co.uk