HOUSE prices always seem to be on the rise, but every now and again a property comes up that is an absolute bargain.

And the cheapest property on the Isle of Wight according to Rightmove - which is on the market with a guide price of just £40,000- is exactly that.

This one bed bungalow is based in Gurnard Pines, Cowes.

Marketed by Purplebricks estate agents, it is described as a “spacious one bedroom bungalow” offered to the market with no onward chain.

While it requires modernisation throughout, the property boasts a generous living area, double bedroom with built-in wardrobes, a separate kitchen and dated bathroom suite.

Isle of Wight County Press: Image: RightmoveImage: Rightmove

The quiet secluded position of bungalow makes it an “ideal retirement property” and more pictures can be seen in the gallery above.

The fitted kitchen has space for a washing machine and gas cooker and the bungalow also benefits from gas central heating, double glazing and close-by parking.

Buyers should be aware that a site fee of around £3,000 has to be paid each year with this property to cover maintenance and ground rent.

For more information visit the Rightmove listing through this link or call 0121 396 0900.