How To Buy Property In London For Less: Sub-£100k Properties At Auction

23 Jan

You know London is expensive – you don’t need me to tell you that.  But buying at auction can offer some bargain places in the Capital.

Admittedly, at sub-£100k you’re not getting a mansion pad in Belgravia or a swanky, swishy apartment – however these properties do offer an affordable entry point to the *hot* London housing market. 

£60k For This Eastern Delight 

cheap london property

110B Montpelier Gardens, East Ham, London, E6 3JF

This leasehold first floor flat has three rooms and is located within walking distance to the tube.  It is being sold on behalf of the Mortgagees.  Make sure you check the legal paperwork (super important when it is leasehold).  Remember anything less than 80 years and it gets difficult to get funding on, plus you may have to pay a premium to extend the lease.

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Tenanted In Tottenham At £90k

cheap london property

Flat 64, Croydon, Gloucester Road, Tottenham, London, N17 6LL

Admittedly this is a pretty bad-ass looking building – although if it’s any consolation it is located close to the park!  This fourth and fifth floor long-leasehold (125 years from 2003) two bedroom maisonette is currently tenanted at £1,000 per month.  Off a guide price of £90,000 the current rental makes for an attractive 13.33% gross yield.

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Hurdling Home At £80k

cheap london property

9B Oaks Court, 226 Cann Hall Road, Leytonstone, London, E11 3NF

The Olympic legacy has blessed East London with improved transport links, shopping and recreational facilities.  This one bedroom flat with a price tag of just £80,000 and a current tenant paying £750 per month looks to be a cheap buy.  Bought anywhere close to guide, you’re looking at an income-generator from day one and a gross yield of 11.25%

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Penny Pinching In Penge at £75k

cheap london property

Flat 1, 3-5 High Street, Penge, London, SE20 7HJ

Penge?  Penge? I hear you cry! Yes, Penge!  It may not be top of the *hot* list for London property investment, but with a guide price of just £75,000 this is a very affordable entry point to the market.  Located just moments from the train station which zips you into Victoria in 17 mins this one bed first floor flat could make an ideal buy-to-let or first-time home.

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Whacking Great Yield Off £75k!

Flat 1, 74 Springbank Road, Lewisham, London, SE13 6SX

Flat 1, 74 Springbank Road, Lewisham, London, SE13 6SX

Flats above commercial premises can be more difficult to obtain financing on, which has the net result of keeping sale prices lower than average.  However, it doesn’t seems to have much impact on the rent achieved.  This long leasehold (125 years from 2013) one bed first floor flat is currently tenanted on a 12 month tenancy from January 2014 at £215 per week.  Off a guide of £75,000 that’s a whopping gross yield of 15%!

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