Musings of a London Property Finder

Well if ever there were green shoots in the London property market they have shown their true colours today.  Attendees of the Savills auction in South Kensington emitted a collective gasp as a 2 up 2 down in Portobello Road in Notting Hill was sold for £908,000 - that is £8,000 more than a similar property was sold for in October last year, since when prices have apparently tumbled.  Given that the house apparently needs near enough £100,000 spending on it – the only assumption that can be made is that the new owner believes the only way is up, or it is their dream location. 

We also highlighted 2 Brayfield Terrace which sold for £458,000, which is probably about right given that other houses in the road sold for about £100,000 more in 2005 and 2006 and it is a great location.

Another gem was 102 Old Charlton Road, sold for £275,000 at auction today.  It was a great buy when we tell you that according to ourproperty.co.uk, the one across the street was sold for £399,000 in July 2007.  2 others were sold in 2007 for nigh on £400,000 and another was sold for the same price a year earlier.  Number 70 was sold in November 2008 for £290,000, £15,000 more but it doesn’t look as nice – it’s one of the ugly ducklings on a largely Victorian Street, so will never be as desirable as 102, which with a lick of paint to the render, will look fabulous from the outside.  As for the horrors inside – well they are just waiting to be discovered!

The main message from the auction room in the view of this London Property Finder, is that plenty of people believe in green shoots.  We are seeing a huge increase in decent stock at auction compared to a year ago, including some in the lower reaches of the million pound plus sector of the market.  And most is selling for 20% or 30% over the guide which is what you would expect in a healthy auction market.  Investors beware: end-users have returned to the auction rooms and they are already getting carried away.

Technorati Tags: Auction property, London Property Finder, Notting Hill house

Tags: Auction property, London Property Finder, Notting Hill house

Musings of a London Property Finder

Most London Property Finders steer clear of auction houses but in our quest for value, we have always kept a close eye on them, as they provide rich pickings, particularly for intrepid first-time buyers, investors and those with several houses, who are prepared to call in the builders or hone those DIY skills.

Allsops have just released their December catalogue and once again, we weren’t disappointed.  

The first lot to catch our eye was a pair of artists workshops in Cloudesley Road in Barnsbury for £325,000 to £350,000.  It’s definitely not the most desirable road in Barnsbury – there are a great deal of housing association properties in need of work but it is close to the Angel and walking distance to Kings Cross, which bodes well for future valuations.  Those wanting  to create one or two family houses should be aware that planning permission may not be forthcoming.

Staying in Islington, for those who are happy to compromise on attractive buildings for space and location there is a 3 bedroom flat in sought after Canonbury, 10 minutes walk from Highbury & Islington tube and Upper Street.  These flats often have odd-shaped rooms but offer value for money.  This flat is up for £225,000 but should reach £250,000 at least, regardless of the amount of work required.  Number 19 was sold for £377,500 in July.

Zone one afficionados might like the 2 bedroom Peabody Trust flat in a period block on Vauxhall Bridge Road for £300K -£320K, although this should go for alot less in our opinion – more like £250 – £275.  Another good buy can be found in Burton Street, Bloomsbury.  There is a 2 bedroom flat in a period conversion for £200,000 – £220,000 although flats here usually start at £300,000.

The same amount would buy a 2 bedroom period cottage on the popular Shaftesbury Estate, 10 minutes walk from Clapham Junction station and the shops and amenities of Northcote Road. 

Bargain hunters who want space could head to Plumstead where a 4 bedroom 3 storey house is at auction for £120K plus.  It needs gutting and similar houses in the road have sold for upwards of £200,000, presumably in a much better state.

There is also a 3 bedroom Victorian house in Woolwich just down the road for £95,000.  This is likely to make closer to the £250K normally asked for these houses but it begs the question why anyone would think shared ownership is a good idea (apparently available to people earning up to £72K a year!!!!) when with a bit of , or maybe a lot of elbow grease or a bit extra for builders, you can have a freehold house.  And not have to worry about service charges.  Or ground rents.  Or the doubling of the above!

Lot 252 is also of interest  – it is a 2 bedroom first floor flat in Maida Vale, 10 minutes walk from the tube and with 122 years on the lease.  It needs to be gutted but it sold for £415,000 in June 2005 and is now on sale for £170,000 – £180,000.

All property sold prices are from house price website www.ourproperty.co.uk.

http://www.auction.co.uk/residential/onlinecatalogue.asp?A=0&S=C&O=A&P=3

The London Property Finder is just waiting for your call

Technorati Tags: Auction property, bargain flats, bargain London property, bargain property, First Time Buyer Bargains, First Time Buyer properties, London Auction bargains, london auction property, London Property Finder

Tags: Auction property, bargain flats, bargain London property, bargain property, First Time Buyer Bargains, First Time Buyer properties, London Auction bargains, london auction property, London Property Finder

Musings of a London Propeerty Finder

A few weeks ago we reported on the Savills auction held last week and tipped you off about a few good value properties.  So what happened?

We picked out 2 period houses in Camden, a 5/6 bedroom mansion flat on the Finchley Road, 2 adjoining mid-terrace properties on Holloway Road which are currently a squat, a vacant HMO on the Talgarth Road and a cute 3 bedroom cottage on the Shaftesbury estate.  We also discussed the public lavatories very close to Fulham Broadway in a blog devoted to self-build.

The lavatories were later featured in Bricks & Mortar, the property supplement published by The Times.  Interest was exceedingly high – the property was sold for £403,000 – four times the guide price of £90,000+.  Despite being 3 minutes walk from the tube and a very attractive building, the Walham Green Toilets as they are officially known, were sold at rather an inflated price in our opinion at £885.71 per square foot!

The 2/3 bedroom cottage on the Shaftesbury Estate in Battersea made £322,000 – a superb bargain considering other houses in the road sold for well over £500,000.  An estate agent sold a neighbouring home 4 doors down during the summer for £half a million.

The HMO on Talgarth Road, with 11 rooms minutes from Barons Court tube was sold for £662,000 – not a bad result given that a conservative gross yield would be around 7%.  Upgrading the facilities could result in a much greater income stream.

The squat on Holloway Road sold for £515,000 – a good price for one vacant freehold house in that location, never mind two!  The large mansion flat on the Finchley Road didn’t reach it’s reserve price we suspect, but we will update you when we hear more.  The Camden houses sold for £800,000 and £655,000, approximately £150,000-£200,000 and £100,000 less than their values in good condition and sold through an agent.

We didn’t mention the star of the show because we thought there was some interest from one of our Clients – a first time buyer looking for her first home.  The property was a 2 bedroom second floor flat on a Peabody Estate in Bloomsbury with 123 years remaining on the lease.  It sold for £306,000 which while not being completely recession proof, presents an excellent medium to long term investment with a 7% gross yield.  Interested parties should refer to the auction run by Allsops this week, where similar flats are on offer.

This London Property Finder regards Auctions as a sound barometer of proerty price movements.

Technorati Tags: Auction property, bargain property, London auction, London Auction bargains, London Property Auctions, London Property Finder, Svaills London Property Auction

Tags: Auction property, bargain property, London auction, London Auction bargains, London Property Auctions, London Property Finder, Svaills London Property Auction