Britain’s cheapest flat is on sale for just £1 — but there’s a catch

These days, building up to our first property often takes years of saving – unless you’re buoyed by generational wealth or happen to win the lottery.

If you’re looking for a unique opportunity to get on the property ladder, a one-bedroom flat has hit the market in Birmingham for just £1. But naturally, there’s a catch.

The third-floor flat needs a considerable amount of modernising, so this is definitely a doer-upper project (unless you want to keep the hot pink bathroom complete with what appears to be a mould-stricken bathtub in-tact).

In the past, electricity, water and sewage have been supplied to the property, but the listing notes that the existing connections haven’t been tested – which could mean just about anything.

Fingers crossed, hey?

(This one needs a bit of work (Picture: Loveitts)

But it isn’t just that the place needs entirely gutting: there’s only five years left on the leasehold, which means that any prospective buyer would need to renew it in a few years at an extra cost.

The financials don’t stop there, though: it comes with a service charge of £1,374 per year, a one-off administration fee of £1,200 and a buyer’s premium of £1,200.

As the auction house listing notes, the property simply ‘must sell’ – hence it’s been given a minimum guide price of £1.

There’s plenty to be convinced by though, as it’s located close to the city centre, a stone’s throw from the Birmingham Botanical Gardens and the O2 Academy.

(There’s a walkway-come-balcony outside (Picture: Loveitts)

And there’s a mini balcony outside too, perfect for a cup of coffee in the morning or for a simple gaze over the West Midlands streets.

All in all, it’s an absolute bargain, considering that data from Gov UK places the average house price at £282,000 – which is a whopping £281,000 more expensive than this steal.

Ref: Britain’s cheapest flat is on sale for just £1 — but there’s a catch (metro) Photo Credit-Loveitts