Inside the cheapest three-bed houses to buy in YOUR area – prices start at just £45,000
JUST when you thought it couldn’t get any harder to buy a home, house prices have hit a new record.
Rightmove said the average house price hit £379,517 earlier this month, with demand up by 3% compared to last year.
This may seem out of reach for many buyers, as even a 5% deposit would require saving over £18,976.
For those aiming for a 10% deposit to secure a lower mortgage rate, the savings needed would soar to an eye-watering £37,951.
However, for hopeful homeowners without a hefty savings pot, there are still properties out there that won’t cost a fortune.
With the help of Rightmove, we’ve unearthed the cheapest three-bedroom homes across the UK’s nine regions, with prices starting at an incredible £50,000.
To keep things fair, we’ve focused on freehold properties.
This means you’d own both the building and the land outright, avoiding the steep service charges and ground rent often associated with leasehold properties.
It’s worth noting, though, that properties at this price point often come with their own challenges and may require significant renovation work.
Getting a survey done before purchasing is crucial, as it can help you avoid unexpected repair costs and give you a clearer idea of the investment needed to bring the property up to standard.
Plus, don’t forget to budget for extra expenses such as legal and valuation fees, which will require some extra cash in the bank.
North East: Peterlee, Durham – £45,000
- 5% deposit: £2,250
- 10% deposit: £4,500
This three-bedroom house in County Durham is available for £45,000.
Situated on Thirteen Street in Peterlee, this terraced property boasts spacious living areas and a low-maintenance courtyard, making it an appealing prospect for buyers.
The freehold home features a large kitchen and a downstairs bathroom, presenting an excellent opportunity as a starter home or an investment.
However, it’s worth noting that the property will require some internal and external renovation.
Northern Ireland: Tempo, County Fermanagh – £58,000
- 5% deposit: £2,900
- 10% deposit: £5,800
Located in a desirable village centre, this three-bedroom semi-detached house offers an exciting renovation opportunity for builders, developers, or landlords.
This three-bedroom house in Tempo, County Fermanagh is available for £58,000.
With a rear yard, outbuilding, and spacious rooms, this property offers significant potential, but requires a full renovation and currently has no heating system.
North West: Blackpool – £59,950
- 5% deposit: £2,998
- 10% deposit: £5,995
This three-bedroom house in Blackpool is available for £59,950.
Requiring modernisation throughout, this three-bedroom mid-terraced house presents a rewarding opportunity for renovators or first-time buyers.
Boasting spacious living areas, a dining kitchen, and proximity to local shops, the property offers significant potential to create a desirable home or investment, and is offered with no chain.
It also comes with UPVC double glazing and gas central heating.
Scotland: Brechin, Angus – £60,000
- 5% deposit: £3,000
- 10% deposit: £6,000
This three-bedroom house in Angus is available for £60,000.
Nestled in the heart of Brechin, this three-bedroom townhouse offers a fantastic minor renovation project for those seeking to create their own dream home.
Located in a conservation area and part of a C-listed building, the property boasts spacious rooms, traditional features, and a garden with a carport, presenting a unique opportunity for a buyer with vision.
Yorkshire and the Humber: Saltburn-By-The-Sea – £60,000
- 5% deposit: £3,000
- 10% deposit: £6,000
This three-bedroom house in Saltburn-By-The-Sea is available for £60,000.
Located in the popular Queen Street area of Carlin How, this three-bedroom mid-terraced house presents an ideal investment for first-time-buyers.
Benefitting from gas central heating, double glazing, and a rear yard, this property requires minimal immediate work.
This also makes it an attractive option for landlords seeking a hassle-free addition to their portfolio.
What help is out there for first-time buyers?
GETTING on the property ladder can feel like a daunting task but there are schemes out there to help first-time buyers have their own home.
Lifetime ISA– This is another Government scheme that gives anyone aged 18 to 39 the chance to save tax-free and get a bonus of up to £32,000 towards their first home. You can save up to £4,000 a year and the Government will add 25% on top.
Shared ownership – Co-owning with a housing association means you can buy a part of the property and pay rent on the remaining amount. You can buy anything from 25% to 75% of the property but you’re restricted to specific ones.
Mortgage guarantee scheme – The scheme is open to new 95% mortgages until June 30, 2025. Applicants can buy their first home with a 5% deposit, it’s eligible for homes up to £600,000.
Wales: Treharris, Taff Bargoed Valley – £70,000
- 5% deposit: £3,500
- 10% deposit: £7,000
This three-bedroom house in Treharris, Wales is available for £70,000.
Located in the heart of the town, this three-bedroom, three-storey mid-terrace house offers a blank canvas for ambitious renovators and developers.
With spacious rooms, original features, and good transport links, this property is ripe for modernisation, offering the potential to create a dream home, a profitable resale, or a valuable rental investment.
West Midlands: Goldenhill, Stoke-on-Trent – £75,000
- 5% deposit: £3,750
- 10% deposit: £7,500
This three-bedroom house in Goldenhill, Stoke-on-Trent is available for £75,000.
This spacious terraced home offers a fantastic opportunity for buyers seeking a project to put their own stamp on, ideal as a starter home or buy-to-let investment.
Requiring refurbishment throughout, the property features two generous reception rooms, a rear yard, and convenient access to local amenities and transport links.
East of England: Lowestoft, Suffolk – £90,000
- 5% deposit: £4,500
- 10% deposit: £9,000
This three-bedroom house in Lowestoft, Suffolk is available for £90,000.
This Victorian mid-terrace house, located within walking distance of the town centre and train station, presents a rare opportunity to add value in a sought-after location.
Boasting classic period features, generous room proportions, and a rear courtyard, this property offers a perfect canvas for modernisation.
East Midlands: Boston, Lincolnshire – £95,000
- 5% deposit: £4,750
- 10% deposit: £9,500
This three-bedroom end-of-terrace house in Boston offers a convenient town centre location and the added benefit of being sold with no onward chain, making it an attractive option for investors or first-time buyers.
Situated on a no-through traffic road, within easy reach of amenities and transport links.
This promises a quick and straightforward purchase.
What types of mortgages are there?
IF you're looking to buy your first home, there's a few things you should be aware of.
For starters, you’ll need to decide whether to go for a fixed-rate mortgage or a tracker mortgage.
Fixed-rate mortgages are much more popular as they offer the stability of a fixed monthly payment that doesn’t change.
You’ll pay the same interest rate for a set number of years, and it won’t change regardless of what happens to the Bank of England’s base rate.
Generally lenders offer two or five-year fixed-rate mortgages, but terms of three, seven, 10 and even 15 years are also available.
At the end of your fixed period, you will need to remortgage.
If you don’t, you’ll be moved to your lender’s standard variable rate (SVR), which is usually much more expensive.
Meanwhile tracker mortgages “track” the Bank of England’s base rate plus a set percentage.
Given the base rate is currently 4.25%, if you have a tracker mortgage which is “base rate plus 1%” then your rate will be 5.25%.
Your monthly repayments will likely go up if the base rate goes up, but they should also go down.
Bear in mind, though, that some tracker mortgages come with a “collar” which means the rate can only fall to a set level.
South West: Chard, Somerset – £100,000
- 5% deposit: £5,000
- 10% deposit: £10,000
This three-bedroom house in Chard, Somerset is available for £100,000.
Located just off Chard town centre, this three-bedroom Grade II listed property offers ample living space and huge potential for refurbishment.
This freehold property boasts three reception rooms, two first-floor bathrooms, and an enclosed rear garden
South East: Dover, Kent – £160,000
- 5% deposit: £8,000
- 10% deposit: £16,000
This three-bedroom house in Dover is available for £160,000.
This charming three-bedroom home, spread across three floors on Clarendon Street, offers a well-considered layout and ample space for comfortable living.
Complete with a low-maintenance garden and a garage at the rear, this property provides ample space and practical living solutions for families or those seeking a comfortable home.
This property is move-in ready, although it could benefit from some interior updates.
London: Dagenham – £350,000
- 5% deposit: £17,500
- 10% deposit: £35,000
This three-bedroom house in Dagenham is available for £350,000.
“Located down a quiet walkway with easy access to amenities, schools, and transport links, this three-bedroom semi-detached house offers a practical and convenient lifestyle.
Featuring a spacious living and dining room, a modern kitchen with utility room, a ground-floor W/C, and newly decorated interiors, this property offers comfort and convenience in a desirable location.
How to get the best deal on your mortgage
IF you're looking for a traditional type of mortgage, getting the best rates depends entirely on what's available at any given time.
There are several ways to land the best deal.
Usually the larger the deposit you have the lower the rate you can get.
If you’re remortgaging and your loan-to-value ratio (LTV) has changed, you’ll get access to better rates than before.
Your LTV will go down if your outstanding mortgage is lower and/or your home’s value is higher.
A change to your credit score or a better salary could also help you access better rates.
And if you’re nearing the end of a fixed deal soon it’s worth looking for new deals now.
You can lock in current deals sometimes up to six months before your current deal ends.
Leaving a fixed deal early will usually come with an early exit fee, so you want to avoid this extra cost.
But depending on the cost and how much you could save by switching versus sticking, it could be worth paying to leave the deal – but compare the costs first.
To find the best deal use a mortgage comparison tool to see what’s available.
You can also go to a mortgage broker who can compare a much larger range of deals for you.
Some will charge an extra fee but there are plenty who give advice for free and get paid only on commission from the lender.
You’ll also need to factor in fees for the mortgage, though some have no fees at all.
You can add the fee – sometimes more than £1,000 – to the cost of the mortgage, but be aware that means you’ll pay interest on it and so will cost more in the long term.
You can use a mortgage calculator to see how much you could borrow.
Remember you’ll have to pass the lender’s strict eligibility criteria too, which will include affordability checks and looking at your credit file.
You may also need to provide documents such as utility bills, proof of benefits, your last three month’s payslips, passports and bank statements.