Musings of the Mayfair London Property Finders

My Osteopath has just qualified and dreams of a small shop with a flat upstairs which he can call home.  A busy-ish road would be good: one with plenty of passing trade during the day and quiet enough for him to be able to sleep at night.

The thing is, after studying for 6 years part-time, he has done well to escape without the mountains of debt most students leave with, nevermind scraping together a deposit.

He lives in Manor House but works in Islington and felt sure that there would be no possibility of being able to afford more than a shoebox, despite my reassurance that actually Islington is a pretty good bet as buyers pretty much dried up overnight during the Northern Rock crisis so confidence fell fast.

As yet, the Osteopath still hasn’t got a deposit but it got me thinking that architects, Natural therapists, Hairdressers and other new small business owners should consider jumping in if they have the funds to buy property.

This small unit recently sold on Newington Green Road for £242,000 – including a shop with basement  and enough room for a small reception area and two decent sized  treatment rooms.  In addition, there’s a one bedroom flat over the ground floor and basement with a garden and separate access from Beresford Road.  According to the auctioneer, Strettons – it was in need of work: read complete refurb.  But considering a one bedroom flat in a reasonable period conversion or new-build in the area costs about £240,000 – £242,000 seems like a good buy considering you get your business premises for free!

It’s not the first small commercial unit to go cheaply either.  One of our Clients turned down a double fronted Victorian 2 storey in Liverpool Road, again in Islington.  Arranged as 2 commercial units and 2 small flats on the first floor, t hey sold for £370,000 earlier this year.  Bargain.

If you are trying but failing to find a bargain property in London or the South East, may we suggest that Manse & Garret might just  be the best Property Finders to call?

Technorati Tags: bargain London property, bargain property, first time buyer property, property for small business owners, small commercial property units

Tags: bargain London property, bargain property, first time buyer property, property for small business owners, small commercial property units

Musings of a London Property Finder

At first glance the latest house price report produced by the Land Registry makes for worrying reading for London investors or those who have just bought a new London home.  According to the Land Registry, house prices in London dropped by 1.5% in May whereas those in the South East – the Home Counties to you and me, drifted up by 0.5% on average.  These figures are ’seasonally ajusted’, which at this time of year, means the index-gurus adjust the indices down to reflect the fact that this is traditionally one of the busiest times of year in property.  So house prices in May in London have probably increased slightly in reality in common with the non-seasonally adjusted figures in other house price indices. 

The other point to mention is that house prices outside London fell much more quickly than they did in London.  According to the Land Registry, average London house prices are on a par with where they were in July 2006.  House prices in other parts of the South East have fallen back to levels last seen in May 2004.

In 2007  and 2008 we predicted that London house prices would return to 2006 prices and stabilise there for several years and it certainly looks like that is what is happening.  Expect pricing to bump along for the next few months and cool off in in the Autumn.  There has been much debate about what will happen thereafter – some are predicting a 20% bounce in 2010, but we are taking a more pragmatic view.  

In our role as Property Finders in London and the South East, our main problem is finding enough quality property to show Clients.  The shortage of supply is fueling pricing at the moment as demand is high for good well-priced property.  In London, demand is stronger as a good lateral flat or well-located house have excellent prospects for the buy-to-let investor.  Even in a downturn, there will still be people with the money to rent in London and with other methods of saving offering little return, there has been a definite shift back to investing in bricks and mortar.

The key point is everything seems to be stabilising, but if you instruct the right London Property Finder, you should be able to get your hands on a bargain, whenever you enter the market.

Technorati Tags: bargain London property, House Prices, London Property Finder, the land registry

Tags: bargain London property, House Prices, London Property Finder, the land registry

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