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.
The London Property Finder is just waiting for your call
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