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A two-bedroom family home could be yours for £40,000 – but be prepared for the inside

The average UK house price hit a new record high of £282,753 in March after rising by nearly the equivalent of median earnings last year – but this home has a starting price of just £40,000

The end terrace house in Rotherham, South Yorkshire is set to be sold by auction house London on April 20 at a guide price of £40,000.
The end terrace house in Rotherham, South Yorkshire is set to be sold by auction house London on April 20 at a guide price of £40,000

A two-bedroom family home has gone on the market for £40,000 because it is covered in rubbish – and the auction is just days away.

The end terrace house in Rotherham, South Yorkshire is set to be sold by auction house London on April 20 at a guide price of £40,000.

But it is in dire need of a refurb and a major cleaning as the property is completely covered in garbage.

Dirty pots and pans litter the countertops, and a huge pile of recycled material overflows from a wall-mounted trash can.

Clutter piles on a bed in one of the house’s two bedrooms.

Meanwhile, pictures of the living room show discarded beer cans next to an undrunk cup of tea.







The end terrace house in Rotherham, South Yorkshire is set to be sold by auction house London on April 20 at a guide price of £40,000
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Picture:

auction house)

Another image shows a sofa tipped on its side next to an old-school arcade game.

The average UK house price hit a new record high of £282,753 in March after rising by almost the equivalent of median earnings last year.

House prices have risen by 18.2%, or an average of £43,577, since the first lockdowns in the UK around two years ago, according to a Halifax index.

Property values ​​rose 1.4% monthly, or an average of £3,860 in cash, and were 11.0% higher than a year earlier.

Russell Galley, chief executive of Halifax, said: “The new record price of £282,753 is £28,113 higher than a year ago, not far from the average UK earnings over the same period (£28,860).

“The story behind such strong house price inflation remains unchanged: limited supply and strong demand, despite the prospect of mounting pressures on household finances.







The median price of a family home has increased by £77,717 in the last two years
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Picture:

auction house)

“Although there has been some evidence of more homes coming onto the market recently, the underlying problem remains that there are too many buyers looking for too few properties.”

He said that over the long term, “we know housing market performance remains inextricably linked to the health of the broader economy.”

He added: “There is no doubt that households are facing significant pressures on real incomes and the difficulty for policymakers to support the economy while curbing inflation is due to the impact of the war in Ukraine now even more acute.

“Buyers therefore need to grapple with the prospect of higher interest rates and a higher cost of living. With affordability metrics already extremely tight, these factors should lead to a slowdown in home price inflation next year.”







The house is in urgent need of renovation
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Picture:

auction house)

According to the report, the impact of the pandemic on buyer demand can be seen by looking at different property types – with homes that offer more space commanding higher premiums.

Average house prices have increased by 10.6% or £15,404 over the last two years.

The average price of a family home has increased by 21.3% or £77,717 over the same period.

Looking at the UK, south-west England has overtaken Wales as the strongest performer in terms of annual house price inflation, Halifax said.

Average house prices in the South West rose 14.6% annually in March – the region’s highest annual rate of increase since September 2004. The average house price there was £298,162, a record for the region.







Clutter piles on a bed in one of the house’s two bedrooms
(

Picture:

auction house)

While this is the first time since January 2021 that Wales has not posted the UK’s highest annual growth rate, house price inflation there remains extremely strong at 14.1%.

The average house price is £211,942, which is another all-time high for Wales, Halifax said.

In the south east of England, average house prices rose by £40,177 last year. This is the first time an English region outside of London has seen an increase of over £40,000 in just 12 months.







Even the bathroom is full of trash
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Picture:

auction house)

Tom Bill, Head of UK Residential Research at estate agent Knight Frank, said: “We are probably witnessing the current peak in UK house price growth.

“Sometime in the near future, pressure on the cost of living and rising mortgage rates will bring prices back down to earth. A shortage of properties for sale has been instrumental in driving double-digit price growth, which is another situation that cannot go on indefinitely.

“A strong labor market and high household wealth accumulated during the pandemic mean prices will settle down without reversing.”

Jason Tebb, managing director of property search website OnTheMarket.com, said: “We are seeing an increase in new homes coming onto the market, as you would expect for this time of year, but still not enough to keep up with demand. “

Martin Beck, chief economic adviser to the EY Item Club, said: “While mortgage rates have risen from last summer’s lows, this hike has only brought rates back to where they were a year ago.

“The average interest rate on a new mortgage in February of 1.6% was still well below the 2015-19 average of 2.2%, making buying versus renting an attractive proposition.”

Gareth Lewis, commercial director at real estate lender MT Finance, said: “First-time buyers are being pushed left, right and centre.”

Here are the average house prices in March and the annual increase according to Halifax:

  • East Midlands, £234,083, 12.3%
  • East of England, £330,883, 11.7%
  • London, £534,977, 5.9%
  • North East, £162,692, 9.5%
  • North West, £214,591, 10.8%
  • Northern Ireland, £177,265, 13.0%
  • South East, £385,790, 11.6%
  • South West, £298,162, 14.6%
  • Wales, £211,942, 14.1%
  • West Midlands, £238,647, 10.0%
  • Yorkshire and Humber, £194,639, 9.5%

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https://www.mirror.co.uk/money/two-bed-family-home-could-26695148 A two-bedroom family home could be yours for £40,000 - but be prepared for the inside

Fry Electronics Team

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