Are these the UK's cheapest homes?

UK house prices hit a new record this month, with most areas even more expensive than they were in the pre-financial crisis peak years of 2007 and 2008.

According to the latest figures from the Office for National Statistics (ONS), prices are rising by three times the inflation rate in every area of the country.

This means houses are becoming less and less affordable. Most lenders restrict mortgages to five times the borrower's earnings, and there are no longer any areas in the South East, South West, London or the East of England where average house prices are lower than five times the average wage.

"This shocking rise in house prices leaves even more people priced out of a stable home," says Campbell Robb, chief executive of Shelter.
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"The dream of their own home is slipping so far out of reach for young people and families across the country, the only choice they face is to become part of the 'clipped-wing generation' stuck living in their childhood bedrooms, or 'generation rent' paying out dead money to landlords."

Across the UK as a whole, the average price of a property is now a shocking £272,000 - over £500,000 in London.

But there are some very notable exceptions. If you're prepared to put up with a bit of inconvenience, you can pick up a whole house for the price of a square metre or two in Kensington & Chelsea. We look at some of the cheapest properties currently for sale around the country.

Four bedroom house in Belfast

For the price of five square metres in Kensington & Chelsea, you can nab an entire house in Belfast. This end terrace, for sale through the Express estate agency, has just had its price cut to £55,000. It has two reception rooms, shower room and garden, and there's no onward chain.

Narrowboat in Oxford

£55,000 won't buy you a lock-up garage in most of Oxford - but if you fancy living afloat you can hobnob with the dons on the cheap.

This 45-foot narrowboat, built in 1982, has one fixed double bed and another that converts from the dining table. It has a multi-fuel stove to keep it cosy, along with mains electricity and a phone line. It has, crucially, a mooring - in an idyllic old orchard. It's available via specialist website Apolloduck.

Shared ownership in London

The cheapest property we could find in London was this one-bedroom flat in Thamesmead. Unfortunately, your £35,000 only buys you a quarter share, under a shared ownership scheme, so you'll be paying £240 a month in rent on top of your mortgage.

To qualify, you'll need to be currently working or living in a London borough and have a household income under £66,000. The flat's not big, but it does have a balcony and car parking space: Currell Islington has the details.

Welsh cottage

This rather pretty little cottage is in poor condition and has a downstairs bathroom, plus one of the three bedrooms is tiny.

Other than that, it's a gem: there's a 15-foot kitchen and 21-foot living room, a sunny rear garden and plenty of potential. It's in Treherbert, at the head of the Rhondda Fawr valley and costs £34,950 through agents Diamonds.

Flat in Bootle

This one-bedroom ground floor flat in Bootle, Merseyside, looks in a very presentable condition, and has double glazing and electric heating.

There's a living room, kitchen, inner hall, bedroom and shower room, and a yard at the back. It's priced at just £29,950 with agent Entwistle Green.

One-bedder in Hull

This ground floor flat in West Hull needs some modernisation, say agents Lets Sell, but is in an attractive building with good transport links to the city centre.

It has a separate living room and kitchen, bedroom, and bathroom with over-bath shower - all for £28,000. There's communal parking outside.

Doer-upper in Stoke-On-Trent

This ground floor flat in Hanley, Stoke-On-Trent, needs a little bit of work. But it's double glazed, with electric heaters, and consists of a separate living room, kitchen, bedroom and bathroom. It's available on a long lease through Keates Hulme for just £24,950.

Three-bed in Swansea

For the same price, £24,950, you can get three bedrooms in Tonypandy, South Glamorgan.

The stone-built, mid-terraced house needs a total overhaul: there's no real bathroom or kitchen. But it offers development potential, say agents Anyons.

Two bed flat in Keighley

You'll have to move fast - this flat is priced just under £10,000, but only for a super-quick sale.

Currently let out and a nice little earner, it consists of an open plan kitchen/diner/lounge, two bedrooms, a bathroom and storage cupboard and is just half a mile from the pretty town centre. It's on the market with Pegasus Estate Agency.

Bungalow in Bishop Auckland

This one-bedroom bungalow "needs full refurbishment" say agents Pattinson: no kidding.

The windows and doors are boarded up, and the small back yard is full of rubbish. You'll be buying a pig in a poke, as there's no access, and even the agents haven't been inside - but it costs £5,000. Yup, that's right - £5,000.

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