A sharp rise in mortgage rates and the current cost of living crisis are making it increasingly difficult for people to get on the property ladder.
But at just £105,000 a three-bedroom terrace house that has recently gone up for sale seems like a great deal, but only for those looking for a challenge.
The home, which is located in Rugby, Warwickshire, comes with a cheap price tag but is a fixer-upper that is in desperate need of restoration.
With leaks and serious black mould issues, Estate agents Crowhurst Gale, who listed the property on the market on Monday, admitted that it is “in need of renovation”.
Even though the house needs major fixing, there are still unique qualities that could be stripped back to give a new breath of life to the home.
Images of the property show a boarded-up fireplace, bare wooden floorboards, and high ceilings with a cornice in the living room. But there are leaks directly above the bay window that needs to be repaired as soon as possible before any further damage occurs.
The kitchen appears to have been ripped out and instead of where it should be, there is just a rundown sink and old shelves on the wall, which are covered in black mould and decay.
One of the large bedrooms is barely visible due to hoards of bric-a-brac and items that have been stored and stacked up in the room, including an old TV, ironing board and mattress.
The bathroom has also been left in a state of disrepair and will require a serious refit as the bath is adjacent to a peeling wall that has had a curtain placed over it, while another wall is covered in even more mould and old newspapers line the dirty floor.
But despite all of this, Estate agents Crowhurst Gale listed the property on the market on Monday (November 7) with a guide price of £105,000.
They also revealed that while it doesn’t look like much, the property does come with some benefits, they said: “The property is located close to local amenities, good bus routes, and good schooling and offers easy access into Rugby town centre and the train station as well as all major road networks”.
They added: “The property comprises an entrance hall, two reception rooms, kitchen, and utility area to the ground floor. On the first floor, there are three bedrooms and a bathroom. To the outside, there is an enclosed rear garden.”
The house listing has caused a stir with online house browsers.
“In need of renovation? Nah, lick of paint and it’ll be fine,” one said.
“They need to demolish it and start again, it’ll never be clean,” a second commented.
“Mould. More mould. So much more mould,” another added.
Rugby was voted the best West Midlands town for quality of life, and 15th overall in the UK, in a 2020 Halifax survey.
The town is arguably best known as the birthplace of the sport that bears its name.
According to the property website Rightmove, the average home in Rugby is £277,597.