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

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 Property Finder

As would-be vendors struggle to sell their properties an increasing number of people are thinking up diverse ways to part with their homes while making a profit despite the financial turmoil and barely a month goes by before we hear of another property raffle.

The latest to be publicised in London is a block of 11 flats in Whitechapel, finished to a high standard and worth £8 million and with an annual rental income of £500,000 according to the website.  The development which is due to be finished in December has been planned with a high spec finish with each apartment including a steam room and stone worktops.  According to house price websites such as ourproperty.co.uk, houses in the same street sold for £325,000 in July last year, so it is difficult to see where the £8 million valuation comes from.  However, given that the entry to this raffle is free with the purchase of £60 MP4 player, even with a valuation of £250,000 for the 1 bedroom flats and £300,000 for the 2 bedroom flats producing a total value of over £3 million, the lucky winner may well think that a £60 flutter is money well spent. 

The owners, developers MIA want to net in the region of £7 million from the scheme but have pledged to do a cash draw instead if sufficient funds are not raised, so in essence all purchasers could win something.  To date there are just over two thousand entrants but the developers have the option of extending the deadline from 2nd March by 3 months if they haven’t issued 200,000 tickets in that time.

On the face of it, this scheme may work where others have failed in view of the necessity of buying the MP4 player.    OldboroughRetreat, the million poundhome withcourse fishing lake, woodland and 4 fishing lodges was offered earlier this year for £25 a ticket however it attracted the attentions of the Gambling Commission and the draw has been postponed on the grounds that the offer may constitute a lottery and the owners do not hold the required licence.  Other than that, it seemed to be a successful draw with the property attracting enough interest: 46,000 tickets were sold according to the website - but since no winner has been drawn, you will have to take the vendors word for it!

Tom Kavannagh, Chief Executive of the Gambling Commission has warned homeowners and buyers to steer well-clear of such schemes saying:

“The Commission has been keeping a close eye on the recent developments with such house competitions and warns potential organisers to take note of its guidance and to take independent legal advice before proceeding,”.

Competitions which involve an element of skill which  are not regulated by statute.  If not they are classed as lotteries, the Commission warned.

Under current legislation prize competitions are free of statutory control if they require an element of skill which would  “either deter a significant proportion of potential entrants from participating or eliminate a significant proportion who do enter”.  If not, they are classed as lotteries. 

“Homeowners considering such schemes as an alternative to selling their house risk committing a criminal offence if they cross the boundary and stray into offering an illegal lottery.  Lotteries are the preserve of good causes and cannot be operated for private gain,” he added.

The advice has to be don’t do it, or if you do, be aware that the properties auctioned are likely to be advertised with an inflated valuation and there is no guarantee that a valid legal draw will take place or that entrants will get their money back if that happens.  One of the draws we have found on a quick web search below does not appear to have any terms and conditions advertised - so there is no clear indication what happens to funds raised if only a fraction of thousands of tickets are sold.  There is little doubt that many vendors act in good faith but inevitably this property phenomenon will also attract shysters.

A quick web search brought up the following property draws which are all current.  We will look at them again after they have finished and try and establish if any result in a happy gambler in a new home.

• www.sprialsight.co.uk - a competition to win a 3 bedroom modern house in Telford, purchased for £149,995 in 2004 according to comparison site our property.  The entry fee is £15, the closing date is the 15th of May 2009 and there are 187 entrants to date with a maximum number of 14,700 entrants.
• http://www.myhideawayinspain.com/odds.html -150 Euros or 60 Euros for tickets with multiple chances of winning studios, flats or villas in Spain.  The tickets are issued with vouchers which can be used as part-payment for a stay in one of the boutique hotels owned by the company.  It would appear that English law doesn’t apply. 
• http://www.prizeofalifetime.com/faqs.htm  - The chance to win on of 2 houses in Norfolk for a £25 ticket and completion of a sudoku game.  The competition closes on Valentines Day but there doesn’t appear to be any sign of how many people have entered so far, how many entries are required or any link to the terms and conditions.
• http://www.winadevelopment.com/terms.asp - Possibility of winning apartments in Devon for a £50 ticket, however the question asked is very simple so may not fulfil the Gambling Commission rules above and after a month on sale only 10% of the required 45,000 tickets have been sold.  The closing date is the end of December with an option for the operators to extend by 2 months if all the tickets haven’t sold.

http://uk.reuters.com/article/propertyNews/idUKLNE49904C20081010

http://winadevonpropertywithfishing.co.uk/index.php

http://www.eveningleader.co.uk/news/House-raffle-woman-charged-by.2840749.jp

This London Property Finder recommends property from genuine sources only!

Technorati Tags: bargain property, London Property Finder, property competition, property giveaway, property giveaways, Property raffle, win my home

Tags: bargain property, London Property Finder, property competition, property giveaway, property giveaways, Property raffle, win my home