06 February 2024 , 14:21
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People looking to get on the property ladder can bid for a home set to go under the hammer for £1.
Bidding for the modern two-bedroomed terraced house in Tonypandy, Wales, is set to go under auction. The home already boasts double glazing throughout, as well as gas central heating and a rear garden. It is situated within the town’s high street and is a few minutes’ stroll from the nearby park. The property is being sold at auction today without a reserve and bidding starts at just £1.
The property description reads: “To be sold to the best bid - offered without reserve. Tonypandy sits within the Rhondda Valley - an area especially popular with tourists seeking outdoor pursuits.
“The property itself is situated within the High Street, which is in fact a residential location to the west of Tonypandy centre where a range of shopping and recreational pursuits may be found. The area is well renowned for outdoor recreational pursuits whilst more immediately available is Clydach Vale Country Park located a few minutes’ walk from the property.
“This mid terrace two bed house is presented in clean decorative order is fully double glazed, has gas central heating and benefits from a rear garden.”
UK house prices fall again - down 3.2% from last year peak, says Nationwide
The lounge inside the £1 home (Jam Press/Barnard Marcus)Would-be buyers have been warned legal fees are associated with the sale, and the new owner will have to pay a contract documentation fee of £1,500 to the auctioneer, Barnard Marcus. However, terraced houses in the area sell for an average of £108,262, making the home more than 99% cheaper including the fee.
The bedroom could maybe do with a little work (Jam Press/Barnard Marcus)Last month it was reported nearly two-thirds of first-time home buyers are teaming up with someone else to get on the property ladder, according to Halifax. The mortgage lending giant found 63% of first-time buyer mortgages taken out between January and December 2023 were in joint names.
The kitchen inside the two bedroom home in Wales (Jam Press/Barnard Marcus)The average property values for first-time buyers are now about 6.7 times the typical UK salary (£43,257), says Halifax. The analysis was based on data from Lloyds Bank and Bank of Scotland, which are all part of the same banking group. Lloyds Banking Group was the UK's biggest mortgage lender in 2022, lending a whopping £52.7 billion during the year, according to figures from trade association UK Finance.
First-time buyers put down an average deposit of £53,414 last year around £21,000 more than a decade earlier, according to Halifax's analysis. Across the UK, the average first-time buyer house price in 2023 was £288,136, slightly down from £302,008 in 2022.