Is buying on the cheapest street in Britain a wise move?

It’s not everyday that a property comes onto the market at just £5,000, however, this was the case recently when a 2 bed, semi detached house located on the cheapest street in Britain became available.

Limetrees Close in Stockton-on-Tees is the location, with previous houses selling at £8,500 and £9,000 and the average selling price on the street, according to Land Registry figures for last year, being £16,714. This equates to around 16 times lower than the national average house price of £273,000.

The house itself comprises a ground floor lounge, a kitchen, two bedrooms, a bathroom and gardens to both the front and rear, and, at first glance probably poses an attractive option to prospective first time buyers trying to get onto the property ladder. As a comparison, a property with the same credentials in Charlton, SE7 had been put on the market for £300,000.

However, buying on Britain’s cheapest street may have its disadvantages, with many locals describing life there as a living hell.

One young mum explains:

It’s a frightening place, burglaries happen constantly…When potential employers see your address they’re immediately put off”

Two years ago, one of the neighbouring properties was firebombed in an arson attack and has been left in its dilapidated, burnt out state ever since.

It is important therefore, especially for first time buyers looking for a bargain, not to look solely at the attractive price tag but to carry out investigations of the area itself.

Should you be interested in purchasing a property, your local chartered surveyor will be happy to advise on any building related issues or, because of their extensive local knowledge, provide advice on the local area itself. Find your local surveyor at:

www.propertysurveying.co.uk

BT                                                                                                                                               13.01.15

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