It is tough for first-time buyers to get a foot on the property ladder, with rental costs taking a big chunk of money each month and house-hunters needing to save thousands of pounds for a deposit.
However, there are cheap properties out there for those willing to look. Simon Allen, director at Citysales in Plymouth, says most first-time buyers should be able to find a home on the market that suits them and make an offer in just four weeks.
Mr Allen added that people need to be extremely focused and “dynamic” in their search. This means being realistic about their budget and clear about their preferred location and type of property required.
A terraced house in Langdale Gardens was the cheapest property sold in Plymouth in the last 12 months, being snapped up for just £41,810 back in May.
A semi-detached home in Kirkwall Road was bought for £50,000, while the rest of the cheapest five properties were sold for less than £70,000.
See below for the five cheapest houses sold in Plymouth in the last 12 months (please note: all properties are freehold).
According to the Land Registry, last year most property sales in Plymouth involved terraced homes which sold for on average £165,586. Semi-detached properties sold for an average price of £180,308, while flats fetched £126,245.
Plymouth, with an overall average price of £178,382, was cheaper than Peverell (£192,489), Derriford (£230,856) and Plymstock (£231,301).
During the last year, sold prices in Plymouth were three per cent up on the previous year and six per cent up on 2007, when the average house price was £167,960.
Nearly half (48 per cent) of younger households aged 25 to 34 in England are now renting from private landlords compared to 21 per cent in 2003-04, according to figures from the Department for Communities and Local Government.
Steve Moir, director at Hennings Moir estate agents in Saltash, said: “First-time buyers need to get on the ladder. With changes to the stamp duty for buy-to-let landlords, it should hopefully mean more choice and opportunity in the market.”
The Land Registry lists the price paid for every property bought at market value by non-commercial buyers, so auction sales and property bought through companies is excluded.
It may take several weeks for sales to be registered after completion so some sales from later in the year may not be listed yet.
Click here to see the cheapest property sales in Plymouth
£41,810
121 Langdale Gardens, Plymouth – sold May 11
£50,000
41 Kirkwall Road, Plymouth – sold April 10
£65,000
76 Queens Road, Higher St Budeaux – sold February 25
£68,000
6 St Hilary Terrace, St Judes – sold July 17
£68,000
5 St Judes Road, Plymouth – sold June 2
For more Plymouth properties, click here
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