Property: This two bedroom family house could be yours for just £428 – why so cheap?

Property: This two bedroom family house could be yours for just £428 – why so cheap?

No matter where you are hoping to set up camp, buying a property will probably not be a cheap venture. Finding a house which is right for you at th

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No matter where you are hoping to set up camp, buying a property will probably not be a cheap venture. Finding a house which is right for you at the right price can be a difficult task and something people will spend a lot of time thinking about. Recently, a semi-detached house in Spennymoor, County Durham, has been listed for an astonishingly low price. The two bedroom house has been put on RightMove for a tiny £428.

Inside the property, there is a hallway which leads to a spacious lounge area based in the front of the house.

There is also a cloakroom W.C. and a kitchen with french doors on the ground floor.

The property has a back garden for potential buyers to enjoy and this can be accessed from the kitchen.

On the first floor, buyers will find a family bathroom and two double bedrooms.

Other similar houses in the area have recently sold for as much as £155,995 which makes the cheap price even more shocking.

However, when reading the listing it soon becomes clear the price is actually how much rent the buyer would pay a month as the property is only offered on a Rent to Buy basis.

What is a Rent to Buy scheme?

The listing said: “Rent to buy is a rent first, buy later scheme which allows you to rent a home at a reduced rent, allowing you to save a deposit to buy your home later.”

This means buyers are able to rent the property for 80 per cent of market rent value for five years to give them the opportunity to save the remaining 20 per cent.

After the five year period is up, the buyer can use this money towards their mortgage deposit.

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