Two-bed home on ‘UK's cheapest street’ could be yours for JUST £1,000

A "SPACIOUS" two-bedroom flat on the 'UK's cheapest street' could be yours for just £1k.

The unbelievable price tag comes in nearly a quarter of a million pounds cheaper than a similar home in London.

It comes after Waterloo Walk in Washington, Tyne and Wear, was crowned the least expensive place to live in the country in 2021.

Properties in the area sold for an average of just £16,250.

Now, a two-bedroom apartment in the Waterloo Walk apartment block is up for grabs listed at just £1,000.

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Homebuyers would have to fork out an eye-watering £225,000 in comparison for a similar-sized home in London.

In fact, a single parking space in the capital went for the same amount last year.

And, it's so tiny, larger cars wouldn't even be able to use it.

Meanwhile theTyne and Wear flat offers potential residents easy access to Newcastle-upon-Tyne which is just 10 miles away.

Despite needing a bit of refurbish, the property is in good condition and offers plenty of amenities spread across two floors.

There are two double bedrooms and it has been described as "spacious accommodation".

It also boasts an open-plan dining room and living area, as well as a generously sized kitchen.

While the bathroom may need a bit of an update, it is still large with both shower and bath installed.

It has described as "a great investor or family home", especially for first-time buyers.

Location wise, the property is very close to schools in the community, which could make it a great opportunity for younger families.

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110 Waterloo Walk is being marketed on a leasehold basis and will go under the hammer on July 15.

A listing description on Right Move reads: "Ideally located for an array of schools, walking distance to local amenities, excellent local transport links to surrounding areas likewise Washington Galleries. Road links to A1, A19 to the South and the Tyne Tunnel to much of the North East."

Meanwhile, another string of cheap properties hit the market in Lancashire .

The properties - in areas including Burnley, Colne and Darwen - need some serious work.

But with a bit of elbow grease, they could become ideal family homes.

It comes as the UK's most and least expensive areas to buy or rent a home in have been revealed.

A recent study conducted by Right Move looked at the cost of two-bedroom properties, taking into account that first-time buyers in Scotland and Wales have a 20 per cent deposit, and a 25 per cent deposit in England.

Aberdeen claimed the top spot as the UK’s cheapest city to buy a first home with prices averaging £102,601 for a two-bed property.

Average monthly rent sits at just £775 with average mortgage payments nearly half that at £406. 

Meanwhile, it's no shock that London is by far the most expensive city to buy and rent a property. 

First-time buyers in London are looking at an average of £501,934 for a standard two-bed property with mortgage payments at £1,862 per month.

Renters in the capital are facing the highest rents across the country with many having to put up an average of £2,264 a month.