THE average house price has jumped by £24,000 in the year to March, according to official figures.
Data from the Office for National Statistics (ONS) reveals the typical property value in March 2022 was £278,000.
Private rents in England have also increased by 2.5 per cent in the 12 months to April 2022.
With house prices being so high, the Daily Echo has found what is curently the cheapest property to buy in Bournemouth.
A studio apartment in Boscombe up for auction has a guide price of just £45,000.
Up for auction on Tuesday, May 31, the studio is currently listed on Rightmove.co.uk as being the cheapest property in Bournemouth.
Located in Cecil Road, Boscombe, the flat in Cecil Lodge has been described as a “good, potential renovation project” - although a lot of work will need to be done.
Nick Whitbread, of Town and Country Property Auctions, said: “Carpenters will be needed in there for a few days, which could cost a few thousand pounds with the material, some new kitchen units will be needed, a redecoration and the bathroom could do with being updated.
“I estimate it would cost about £5-10,000 to renovate this studio.”
Mr Whitbread said that if renovated well, the studio could sell for up to £80,000.
The property was previously bought in 2005 for £65,000, but over the years it has been “neglected”.
When renovated, Town and Country Property Auctions estimate then rental value to be in the region of £550 to £600 per calendar month.
The seller of this property would consider a pre-auction offer prior to the auction date at the time of press.
To find out more information, visit Rightmove.
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