Investment Property Report - 1 Bed Flat London £70,000
Barnard Marcus have for auction the following property in Sydenham at their sale on February 7th 2007.
Lot 3: 22E Longthornton Ave, SE26 6QZ
- Tenure: Leasehold
- Local Authority: Lewisham
- Occupation: Full Vacant Possession Offered
- Vendor: By order of Mortgagee
- Guide Price: £70,000
- Property Type: Reception Room, Bedroom, Kitchen, Bathroom/WC
Area Guide
Click map to see the surrounding area or view a satellite image. This property lies within an area that is highly desirable. There are decent transport links offered by Rail and Buses. The nearest station is Sydenham. Buses go to Crystal Palace, Croydon and Catford from nearby Westwood Hill. It is close to Wells Park green space and is within walking distance to Crystal Palace park.
House Price Data
Land Registry show that average prices for Flats in this postcode was £191,293 (Jul-Sep 2006). However this data contains pricing for flats of various sizes. From my experience of the area and through speaking to local estate agents, pricing for 1 bed flats in the vicinity range from £130 - £165,000. The guide price of £70,000 is a ‘come buy me’ price. It’s priced to sell and to generate a lot of interest. It is being sold by the mortgagees, and as far as I could ascertain, it has not been on the market within the past 5 years. The guide price in this instance could represent the amount of mortgage left on the property and if it was bought around 2001/2 then this would reflect a realistic appraisal of prices for this type of property at that time. However I would be surprised if it sold below £100,000.
Worth a punt
Of course. I am not a financial advisor, nor an estate agent but I think this property if bought at the right price could attract a large profit. It also has great rental potential. You could expect to gain £600-£650 pcm in rental income.
See you at the auction.
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[...] better to sell on at a profit. What I will do for those that look promising is compile an Investment Property Report that outlines my overall ‘feel’ for the investment property [...]