Cheap property: ‘Big’ five bedroom home listed on Zoopla for just £21,250 – why so cheap?

Everybody knows that property for sale at cheap prices is hard to come by in the UK, and buyers know that they’ll have to fork out a lot of money for their dream homes. But when a modern five-bedroom terraced house is listed for sale on Zoopla for just £21,500 there is no doubt that it will be snatched up off the property market soon – but is there any hidden costs and catches to the cheap price?

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The five-bedroom terraced property was recently listed on Zoopla for just £21,250 – which is considerably less than the average price of a UK home deposit.

The average deposit in the UK is around £33,000, according to financial publication Moneywise, but jumps to almost £115,000 for London and Greater London.

The house – which is located in Euston Road, Morecambe, near Lancaster – not only has five generous bedrooms, but it also has not one but two reception rooms, a bathroom, a big open kitchen, a separate entrance hall and a spacious cellar ideal for extra storage.

There is a small enclosed rear yard too. The house has uPVC double glazing and a gas central heating system.

The property is across three floors, and buyers can find on the ground floor a spacious kitchen, which connects to a large sitting/dining room.

On the ground floor, there is also a separate living room located at the front of the house with large bay windows facing the quiet road.

To get to the first floor, buyers will need to climb the stairs in the cream decorated hallway before finding themselves at the top of the landing facing a generously sized bathroom, that contains a bathtub, toilet and sink, and a separate water closet, fitted with another toilet and washbasin.

On the first floor, two bedrooms are located – the “Master Bedroom” fitted with bay windows also, and the first of the two 8’0” x 12’7” bedrooms.

Following up on the second floor, buyers will find the remainder of the five bedrooms.

On the top floor, there are three bedrooms. The smallest out the lot could be easily turned into an office or study, this bedroom is ideal for artists as it allows tons of natural light to filter through the window at the back of the room.

On the second floor, buyers will also find the second 8’0” x 12’7” bedroom but also a much larger 14’3”x11’7” bedroom which faces the front of the house.

The property, which was listed by Lancastrian Estates is described online as: “A big family home you won’t grow out of in a hurry.

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“Euston Road is a main route into Morecambe town centre which means there is good access to a whole host of facilities and entertainment for all ages.

“There are plenty of local amenities close by with corner shops and a local Asda and being a main route there is a regular bus service that connects Morecambe to Lancaster and to Heysham.

“You will find popular local schools within walking distance which is great for the local family market. The immediate surroundings are residential.

“The five-bedroom property is large and spacious with lots of natural lighting and opportunity for storage,” the listing stated.

It’s located in an ideal area for families as it close to the town centre, local schools, hospital and on a main bus route.

But what the listing boasts as being the best part of this property is that there is “no chain” so eager buyers will be able to move into the property with not much delay from the properties end.

So at only £21,250 this property is a real steal, but is there a catch to the cheap asking price?

On further inspection, the reason behind the cheap price becomes evident. The reason that Lancastrian Estates listed the five-bedroom terraced house on sale for just £21,250 on Zoopla is that it’s offering “shared ownership” on the property, therefore the price listed (£21,250) is only equal to 25 percent.

However, the listing did make it clear that “you can buy more [shares] if you want”.

The listing reasoned: “Most houses that come up as shared ownership opportunities are new builds and the dimensions tend to be a little smaller but this modernised Victorian terraced home offers all the space and character you expect from the period.

The property has been independently valued at £85,000 and part ownership is offered from as low as 25 percent.

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