Musings of a London Property Search Agent
There is no doubt that this is the best time to buy at auction since a brief period during the summer of 2004, when for about 6 weeks, investors looked nervous and auction rooms were half-full. Auction rooms are not half-full now and they haven’t been since the beginning of the credit crunch in my view, as this is the first time in ages it’s made sense to buy at auction. But prices aren’t ridiculously low, just low enough to tempt buyers in, which bodes well for the London property market in general. Prices are roughly 20% below the price they would be in an estate agent’s window – more if there is a great deal of refurbishment to be done, so there is a margin to be made for buy-to-letters, investors and developers as well as owner-occupiers, willing to pay for the necessary work to bring them up to standard.
At Allsops October auction, all but 5 of the 689 lots have guide prices below £500,000. Some of the goodies include a 2 bed 3rd floor flat in a Peabody building (period housing association accommodation) near Russell Square with a guide of £280K. It wasn’t long ago that 1 beds in blocks like this would make £280 at auction and £350,000 through an estate agent, once refurbished.
For noise tolerant country dwellers, there is a good-looking four bedroom detached house sitting in just over a quarter of an acre but it’s 33m from the M4. But beggars can’t be choosers and you’d be in good company. The house is situated in a little hamlet, staggering distance from a pub (we seem to recall) and 5 minutes or so from the 18th Century mansion currently on sale for a cool £4.5 million through Allen & Crane Estates. Admittedly it’s got 18 bedrooms, a listed dovecote and an all weather dressage court plus a number of other cottages and flats, but then it’s at least £4.2 million more. The house at auction, lot 267a has a guide of £260,000 – £280,000 and boasts a downstairs cloakroom, separate utility room and 3 reception rooms. For dressage, you’ll have to chat up your neighbour.
Foodie self-builders may be interested in a pretty hideous 60s bungalow being sold by The Highways Agency, striking distance from The Fat Duck, Heston Blumenthall’s gastronomic paradise. 60s bungalows are sometimes riddled with asbestos so a survey would be a smart move, even for the self-builder wishing to start again because getting rid of asbestos can be expensive. The bungalow has a guide of £210,000 – £230,000 and may also be suitable for extending up and out, subject to planning.
Lot 77, 176 Elsey Road Battersea is an end of terrace 2 bedroom Victorian cottage on the Shaftesbury Estate which needs a great deal of work but presents a fabulous opportunity for enterprising first or second time buyers. It is priced at £265,000 – £285,000 but expect to pay more.
Lastly, lot 315 is a new-build 2 bedroom detached house in Highbury, in a quiet residential street which has been doing the rounds at the auctions of late and failed to sell. Allsops have priced it at £225,000 to £250,000 and depending on the finish, you would struggle to build it for that. Put into context, Foxtons have a one bed flat and 3 bed maisonette on the same road for £299,950 and £625,000 respectively. The difference is, this property has gone into receivership. This London Property Finder can find you a good property at a good price
www.allsop.co.uk
www.allen-crane.com
www.foxtons.co.uk
Technorati Tags: bargain property, Battersea bargain property, bray property, Highbury bargain house, london property bargains, London Property Finder, london property market news, property auction, property market news, Property News, self-build bargain, the london property market
Tags: bargain property, Battersea bargain property, bray property, Highbury bargain house, london property bargains, London Property Finder, london property market news, property auction, property market news, Property News, self-build bargain, the london property market
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