Musings of a London Property Finder

Allsops have announced an additonal auction to their published schedule, in view of the high number of lots they have been asked to sell this month.  The new sale will be held on the 12th and 13th of November and we have added a link to the bottom of the blog.  Most entries are repossessions and so there are a number of bargains available for buyers who don’t want to do the renovation work normally associated with properties offered at auction.

Property bargains include lot 702, a 2 bedroom flat currently on sale through Hamptons with a list price of £325,000 which appears to be neutrally decorated with wooden floors and It would suit someone looking for a buy-to-let or a noise-tolerant owner occupier as it is situated on busy Finborough Road, which is one of the main routes out of West London to the M4.

Other London property bargains are likely to include Appartment 42, 2 Point Wharf Lane in Brentford, although the guide wasn’t published as we went to press.  Convenient for anyone working in West London, this 1 bedroom new-build 2nd floor appartment is 10-15 minutes walk from Brentford or Kew overland stations and was sold in 2004 for £249,999 according to Our Property.co.uk.  There is 117 years remaining on the lease and the ground rent is £175 per annum.  Prospective buyers should definitely check out the service charge prior to purchase, as these can add a few thousand pounds to your annual living costs.

For buyers without deep pockets, one of the lowest price lots is a 1 bedroom flat with a guide between £10,000 and £20,000 in Port Glasgow, 20 minutes max from Glasgow Airport.  Clearly, we haven’t viewed it, but a flat was sold there in April for £45,000 and a rough guide for 1 beds in the area is £30,000 to £55,000, so as a first step on the investment ladder, it might turn out to be a good investment.  We think this particular flat may have sold for £19,500 in 2004, hence the guide.  Interested parties should download the deeds from the land registry which would resolve the matter once and for all.  It was offered for rental at £325 pcm but even allowing for 6 weeks void each year and having to lower rental expectations, within 10 years an investor would have paid off the flat and it would become a nice little earner.  The London Property Finder casts a wide net and has lanf standing connections  with the Scottish Property Market

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Tags: bargain flats, Glasgow respossessions, greenock investment property, london auction property, London investment property, london property bargains, London Property Finder, London repossessions, low price investment property, low priced investment property, low-priced London property, property auctions, Repossessions, Scotland property bargains, Scottish auction property, Scottish investment property, Scottish repossessions, West London bargain properties

Musings of a London Property Search Agent

2 period houses in Camden, a 5/6 bedroom mansion flat on the Finchley Road, 2 adjoining mid-terrace properties on Holloway Road (currently a squat), a vacant HMO on the Talgarth Road and a cute 2/3 bedroom cottage on the Shaftesbury estate: there are plenty of bargains at the Savills auction, for those brave enough to take them on.  Regular readers will know that we are fans of auction property, particularly at the moment .  There are bargains to be had for the well-prepared, well-financed first-time buyer, prepared to roll up their sleeves to get the location and size of property they really want.

The adjoining houses in Holloway Road are currently being used as a squat so are best left to the professionals, but there is a plethora of other lots which could make the ideal first or family home with a bit of elbow grease, vision and of course additional funds to pay the builders.

There are two key benefits to buying at auction in our view: firstly, at the moment you can get a bargain and secondly you exchange on the day of the auction so no-one can pull out (including you!) and you know the date you will take posseession, normally 28 days later.  As with any property purchase, you need to get organised and ensure that you are fully aware of the legal and material condition of the property and any other facts which may affect it’s value now or in the future and anything else which might affect the enjoyment of the occupier.  This is all possible, you just need to be well-organised, with a good reliable team behind you. 

A full structural survey and legal searches should be completed prior to the auction and any questions you or your solicitor have should have been answered.  Finance must be in place, with the lender aware that the property in question is for sale at auction and you need to have 10% in your current account to pay on the day if successful. 

The downside of purchasing at auction is that you need to pay for all this up front but someone else might have done the same and be prepared to pay more than you on the day, in which case all the money, time and effort would have been in vain.  To avoid this it’s vital to accurately assess what the property will go for and what you are prepared to pay for it.

If you decide to go ahead, remember not to make friends with the auctioneer.  Set a budget and stick to it.  Good luck. This London Property Search Agent will help disappointed would be buyers if they give us a call!

Savills residential auction will be held on 27th October at The Royal Garden Hotel in Kensington.

http://www.savills.co.uk/

Technorati Tags: development property, DIY bargain property, london property bargains, London Property Search Agent, October auctions, property auctions, Property Bargains, property to do up, refurbishment, Savills Residential Auction

Tags: development property, DIY bargain property, london property bargains, London Property Search Agent, October auctions, property auctions, Property Bargains, property to do up, refurbishment, Savills Residential Auction

Musings of a London Property Finder

Stock sold successfully yesterday at the McHugh’s auction sale yesterday, with 79% of lots sold.  Residential upper parts over four floors in bustling Marchmont Road, Bloomsbury sold for £845,000, almost double it’s guide.  For comparison, a freehold entire building 6 doors down sold for £980,000 2 years ago.  A good result we think.

Most lots sold as expected, with the majority finishing under £250,000 and a smattering of higher value property at sub £450,000.  There was also a self-build site offered which remains unsold – more details tomorrow.  This London Property Finder sees auction results as a barometer of the market and if you want to move do now as  the market is moving.

http://www.mchughandco.com/auctions.asp

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Technorati Tags: bargain property, Bloomsbury bargains, House Prices, London House Prices, London Property Finder, McHugh's Property Auctions, property auctions

Tags: bargain property, Bloomsbury bargains, House Prices, London House Prices, London Property Finder, McHugh's Property Auctions, property auctions