Just outside the historic city of Durham, you’ll find the cheapest place to buy property in Britain – with houses up for sale for less than £50,000.
Shildon is widely regarded as the world’s first railway town, but it also has homes up for sale for considerably lower than the going rate.
In fact, one study by Zoopla placed the County Durham location as the most affordable location to buy in Britain with a typical market price of £73,200 – miles behind the UK average of £267,500.
Now, one two-bedroom, semi-detached house has hit the market for £50,000 – considerably below even Zoopla’s figures – and miraculously, it doesn’t require any renovation work.
Each room appears to have been given a fresh lick of paint and new carpet, and there’s a spacious entrance hall, living room complete with electric fireplace, and a decently sized kitchen.
It’s only the family bathroom that might require a little bit of attention, which is arguably a steal considering the price.
The property itself comes chain-free, and it has the freehold included.
But it’s not just this gem that’s considerably under the UK property average: there’s one nearby home that’s hit the market to the tune of £45,000, complete with two bedrooms and one bathroom.
There are listings even lower too, as one two-bedroom property on South Street is up for just £40,000, while one on Cedar Grove costs just £35,000.
What are the pros and cons of buying in County Durham?
As Verona Frankish, CEO of Yopa previously told Metro, prices in County Durham come in around 56% below the national average. That makes it 22% more affordable than the regional average for the North East.
But it’s not just affordability that makes County Durham a great place for aspirational homeowners, Verona insists.
‘The area has an abundance of larger homes for those looking to climb further up the ladder,’ she says.
‘In fact, one in five homes currently listed for sale is a semi-detached home with three or more bedrooms, while around a quarter are detached homes with three or more bedrooms.
‘In many areas of the UK property market, a lack of larger family suitable homes is a key issue preventing many buyers from progressing up the ladder, but County Durham goes against the grain in this respect.’
What’s more, the area is known for its strong school system, healthcare infrastructure and safe, welcoming community, all of which, as Verona notes, are ‘attractive traits for families looking to make their move.’
Why is housing so cheap in County Durham?
As Verona explains, housing is relatively cheap in County Durham as properties are generally priced depending on local ‘earning potential.’
In the local area, statistics from InstantAtlas demonstrate that the average salary is £29,537 – which is almost the same price as some of the properties on offer.
In Horden specifically, the closure of the mines in 1987 hugely impacted both the local community and the economy, as local workers were forced to take their livelihoods elsewhere.
However, local authorities are investing time and money into regenerating the area, as seen in the Mayor’s commitment to delivering a new generation of social housing.
Earlier this year, almost £4.5 million worth of investment was confirmed for Horden alone, which will be used to build over 100 two and three-bedroom family homes – including council properties.
However, it’s not all roses, as Verona reminds us that house price affordability is relative to the ‘earning potential on offer.’
More Trending
In County Durham, the average income comes in around 14% below the UK benchmark, which suggests that the affordability constraints may well remain an issue for many buyers.
‘With high rents and low house prices, County Durham has also made for an attractive place to invest for many buy-to-let investors and the conversion of larger homes to HMOs has caused some challenges within local communities,’ Verona concludes.
DIY dreams come true
‘Despite this, it remains one of the most attractive markets for those looking to make their move, particularly first-time buyers.’
Things to do in County Durham
Thinking of moving over? There’s no shortage of things to do in County Durham, from Durham Castle to Forest-in-Teesdale.
If you’re looking to try a spot of stargazing, there are 12 dark sky discovery sites in the Durham Dales alone.
Want to look at the cosmos in more detail? The Grassholme Observatory overlooks the Teesdale Grassholme Reservoir and has everything you could ever need to capture the perfect dark sky shot.
County Durham is also home to the Durham Heritage Coast, offering 11 miles of trails with ample opportunity to gaze out at the coastal views, including the limestone cliffs and surrounding wildlife.
If you’re into history, there’s also the Faith Museum in Bishop Auckland, which documents the last 6,000 years of religion in the UK through around 250 historical artefacts found across England, Scotland and Wales.
Do you have a story to share?
Get in touch by emailing MetroLifestyleTeam@Metro.co.uk.
MORE: The weirdest homes that hit the market in 2024, from £15,000 telephone boxes to tiny cubby holes
MORE: What I Rent: I pay £1,275 for a one-bedroom Birmingham flat — my friends want to move in too
MORE: Street with ‘monstrously large’ £8,000,000 homes named most expensive outside London
