WE all know home buyers in London with a tight budget have limited options, and right now there’s only one house on sale for less than £200,000 on Rightmove.
In total there are currently 722 properties listed for sale under £200,000 on the property website, but most of them are flats, houseboats, parking spaces, and shared ownership arrangements.
Rightmove The two-floor house in Neasden comes with a guide price of £170,000
Last year most property sales in London involved flats which sold for an average of £539,667, according to Rightmove data.
Terraced properties sold for an average price of £673,949, while semi-detached properties fetched £655,491.
The only terraced house currently advertised under £200,000 is in Neasden in north-west London, and it comes with a guide price of £170,000.
The property is on the market with auctioneers, and it’ll go on sale on March 12 – but disappointingly, it looks to be more suitable for investors.
Rightmove It is the only terraced house on sale for less than £200,000 in London
Rightmove It’s arranged as two self-contained flats
Rightmove The property is just a 10-minute drive away from Wembley stadium
Rightmove One of the flats in the house comes with three bedrooms
The two-floor house is currently arranged as two self-contained flats with one let on a shorthold tenancy and the other one sold off on a lease of 99 years at a ground rent of £100 per year.
The first floor flat comes with three rooms, a kitchen as well as a bathroom, and you could rent it out at £1,125 per calendar month, according to the ad.
The property is situated close to Neasden underground station on the Jubilee line and just a 10-minute drive away from Wembley stadium.
If you’re looking to buy a property in London, you’ll usually find more affordable prices on flats and studios.
This is because of the large numbers of people living in the capital, meaning space costs more than elsewhere.
If you’re willing to consider something other than a house, here are some other London properties on sale for less than £200,000.
Studio flat in Nunhead – £160,000
Rightmove You can get a studio flat with your own private garden for £160,000
This flat comes with a private garden, and it’s on the market with auctioneers at a guide price of £160,000.
The nearest train station is Nunhead, which is only 0.4 miles away.
The property has been priced fairly low as it requires some work, according to the ad.
House boat in Angel – £50,000
Rightmove You can get a houseboat for £50,000 in London
If you insist on finding a home in the capital at a reasonable price, you may have to think outside the box, and perhaps consider a boat.
“Footloose” is a 35 feet narrowboat on a residential mooring on the Regent’s Canal – only half a mile from Angel Station.
It has one double berth, a kitchen and living area as well as access to the mooring’s communal areas. It’ll set you back £50,000.
Parking space in Putney – £22,000
Rightmove If money isn’t one of your worries, you can get parking space for £22,000
If you’re looking for a safe space to park your car, you can get it in Putney for £22,000.
The approximate dimensions of the space are 4.8m deep and 2.3 m wide.
It is set within a complex of four houses, and located close to Wandsworth Town train station and East Putney underground.
What help is out there for first-time buyers?GETTING on the property ladder can feel like a hard task but there are schemes out there to help first-time buyers own a home.Help to Buy Isa – It’s a tax-free savings account where for every £200 you save, the government will add an extra £50. But there’s a maximum government bonus of £3,000 which is paid to your solicitor when you move.
Help to Buy equity loan – The government will lend you up to 20 per cent of the home’s value – or 40 per cent in London – after you’ve put down a five per cent deposit. The loan is on top of a normal mortgage but it can only be used to buy a new build property.
Lifetime Isa – A government scheme that gives anyone aged 18 to 39 the chance to save tax-free and get a bonus of up to £32,000 towards their first home. You can save up to £4,000 a year and the government will add 25 per cent on top.
Shared ownership – Co-owning with a housing association means you can buy a part of the property and pay rent on the remaining amount. You can buy anything from 25 to 75 per cent of the property but you’re restricted to specific ones.
“First dibs” in London – London Mayor Sadiq Khan is working on a scheme that will restrict sales of all new-build homes in the capital up worth to £350,000 to UK buyers for three months before any overseas marketing can take place.
Starter Home Initiative – A government scheme that will see 200,000 new-build homes in England sold to first-time buyers with a 20 per cent discount by 2020. To receive updates on the progress of these homes, you can register your interest Starter Homes website.
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A few weeks ago, The Sun wrote about a Doncaster house on sale for £15,000 that looked like a “war zone” inside.
A four-bed house recently also went on sale for just £45,000 as the owner fled because it was covered in pigeon poo.
Here are the UK’s cheapest homes for sale and they all cost under £20,000.
If you’re looking to buy your first property, we’ve got you covered on how to go about it with our guide.
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