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Daily Mirror
Daily Mirror
Business
James Andrews

Where houses are still selling for just £20,000 each this summer

Last month three properties changed hands for just £20,000 each, HM Land Registry has said, that works out as a monthly mortgage cost of just £87.65 if you could find a £1,000 deposit.

The Land registry said the bargain price was paid for one terraced house in Burnley, Ferryhill, another in Bishop Auckland and a flat in Sunderland.

At the other end of the scale, the most expensive residential property was also for a terraced house - this one in Kensington and Chelsea costing an astonishing for £25,975,000.

Overall, there were 81,500 sales of land and property in England and Wales in June, at an average price of £341,460 each.

(Press Association)

The Land Registry collects records every property sale in the UK, who's selling, who's buying and what they're paying.

As such it's the most reliable index of what houses cost.

But it's not quite perfect, because while it's the only index based on a full set of real information - it's also a fair bit behind.

That's because updating the registry is the very last thing you do as part of a property sale - long after offers, negotiations, mortgages and contracts have been exchanged.

So while houses officially changed hands in June, the start of the sale might have taken place months before.

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