Property for sale: Stunning two bedroom home listed on Zoopla for £40k – why so cheap?

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Britons know they’ll have to part with a lot of cash when it comes to buying a property. Cheap properties are not common in the UK, with first time buyers finding it particularly difficult to get on the property ladder. Low prices are therefore likely to turn the heads of potential buyers, like this stunning two bedroom flat, which was recently put up for sale on Zoopla for just £40,000. The flat – which is located in Preston – has two bedrooms, one bathroom, a large dining area and lounge.

On the ground floor, potential buyers can find a hallway with useful storage area.

The hallway leads to an open plan lounge, kitchen and dining area, which have been fitted with UPVC windows to the front and sides.

The kitchen boasts high gloss units with an integrated over and hob with stylish glass splash back.

Upstairs sits the master bedroom with good sized double glazed windows looking onto the rear view of the property over open countryside.

Next door is a the second bedroom, which can be used as a guest room or a study.

On the same floor, buyers will find the bathroom with a shower over the bath, pedestal wash hand basin and toilet, and heated towel rail.

Potential buyers will benefit from the available parking, with two allocated bays available to the home owner.

So why is it so cheap?

A look at the full description and the lower price becomes clearer.

The property is being offered on the Shared Ownership Scheme.

Shared ownership schemes are a cross between buying and renting; aimed mainly at first-time buyers. Buyers own a share and then rent the part they don’t own at a reduced rate.

The description states: “Available on a shared ownership basis from £40,000 (40% share) to applicants with an annual houshold income not exceeding 80k.

“Priority to first time buyers, downsizers, buyers purchasing again following relationship breakdown and those selling a property to move into more appropriate housing.”

Another property was recently listed on the property site for a similarly low price.

A three bedroom bungalow was being offered for £24,995, but all might not be as it seems.

The home is being sold by Your Move, and it’s located in North Seaton, Ashington, which is in Northumberland.

This may look like a bargain, especially considering the average estimated value for a house in the postcode is £201,586, but buyers need to beware.

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