Property for sale: Brand new homes just £43,750 on Zoopla – why are they so cheap?
A brand new home has been listed on Zoopla for the low price of £45,750. The three bedroom house in The Riddings, Alfreton, has one bathroom.
Properties in the area have an average estimated value of £111,353.
In the past 12 months the average sale price has been £108,397 in the postcode. So, why is the property listed for so cheap?
Sellers Burchell Edwards wrote: “The semi-detached properties benefit from off road parking for two vehicles.
“Internally the property briefly comprises: Entrance hallway, lounge diner, kitchen and WC to the ground floor and; the three bedrooms and a bathroom to the first floor.”
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Property for sale: A brand new home has been listed on Zoopla for the low price of £45,750
The front door of the property opens up into a hallway, with a toilet to the left.
The kitchen is on the right, and straight ahead in the lounge.
Upstairs are two double bedrooms and a single bedroom, with a family bathroom.
The listing reveals the property is being sold on a shared ownership basis.
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So what exactly is shared ownership?
Shared ownership is when someone buys part of a property.
The listing reads: “Shared ownership provides an affordable way for you to become a home owner, by buying a share in a new home and paying a subsidised rent on the remaining share.
“You will then have the opportunity to purchase further shares in your home in the future up to 100 percent, which we call ‘staircasing’, as further shares are purchased the rent reduces accordingly.
Property for sale: The listing reveals the property is being sold on a shared ownership basis
“Please be advised that the price advertised is for a 25 percent share. (Other share options are available subject to availability).
“The remaining share of equity is owned by the housing association to which a monthly rent is payable.
“This is calculated at 2.75 percent of the value of the share so on this example of 25 percent, the monthly rent would be £300.79 pcm.”
How will Brexit affect house prices in 2020?
According to Ross Counsell, director at Good Move, the relatively stable political situation brought on by the Tory party win, might lead to more significant growth in house prices for 2020.
When speaking about house prices for 2020, he said: “House prices grew incredibly slowly in 2019, with the political and economic uncertainty leading to rises of just one percent in England.
“There were larger increases in other areas of the UK, but the overall picture was bleak.
“While it is unlikely that house prices will suddenly spike in 2020, the relatively stable political situation brought on by the Conservative majority might lead to more significant growth.”