Amidst the current cost-of-living crisis and soaring housing prices, aspiring homeowners face a daunting challenge in their quest to enter the property market. According to experts, first-time buyers are facing an uphill battle unless they have the advantage of parental home ownership or the opportunity to live frugally and save before purchasing a house. Otherwise, individuals are forced to endure exorbitant rents and a shrinking income, making it difficult to accumulate enough funds for a substantial deposit.
However, a glimmer of hope may have emerged for those willing to overlook significant drawbacks in pursuit of their property dreams. The picturesque coastal village of Horden, situated in County Durham, beckons prospective buyers with an incredibly low entry cost of £5,000. Several properties have recently become available on Rightmove at this astonishingly affordable price, including a couple of two-bedroom terraced houses and a three-bedroom dwelling.
Naturally, one would expect such low-priced homes to require substantial renovation, akin to those featured on popular property shows where participants discover hidden staircases leading to bedrooms and other surprises. Nevertheless, with coastal living, convenient access to a surprisingly well-regarded train station, and the tantalizing prospect of stepping onto the property ladder at the lowest rung, Horden presents an intriguing opportunity.
Regrettably, the silver lining is accompanied by significant challenges. According to The Independent, Horden is currently a “ghost town,” with entire streets boarded up and limited activities due to the closure of major employers in the area. The village’s population has dwindled to a mere 6,807 residents as per the 2021 census, as Horden’s economic core was dismantled following the closure of the local coal mine in 1987 during Margaret Thatcher’s government.
Presently, drug usage, a lack of opportunities, and high unemployment rates afflict the village. Therefore, for those contemplating a fresh start in life, it may be prudent to explore alternative options rather than considering a place where seaside houses can be acquired for £5,000.
The properties in question were recently auctioned, with the bidding process concluding shortly before 1 pm on May 31. Consequently, there may now be an elated individual who has become the proud owner of a £5,000 house, poised to embark on their plans for the future.