‘Cheap flats in London’ is not really a phrase you often hear, but they can be found if you’re willing to go *up* – and ex-council.
High rise blocks may not be at the top of every home buyer’s wish-list – but they can offer London living for less – and for an investor; high rental returns, for a lower capital purchase price.
Lending on high rise blocks of flats can be more difficult, and so it’s critical you check with a mortgage provider before you bid to buy.
Here are three high rise opportunities which are soon to be sold under the hammer:
This three bedroom, sixth floor flat is guided at £90k. Held on a long lease – 125 years from 2003 at a ground rent of £10 per annum. The rental stacks nicely with the property rented on an AST from 9/8/2014 at £1,313 pcm (£15,756 per annum). Bought at guide that’s a gross rental yield of: 17.51%
A four bedroom flat for a guide of just £90k – there’s got to be a catch? Well, it is on the 10th floor of this concrete build! However, it benefits from a long lease; 125 years from 1988 with a ground rent of £30 per annum. It’s currently tenanted at £1,343 pcm (£16,116 per year). Bought at guide that’s a gross rental yield of: 17.91%
Guided at £105k, this three bedroom duplex maisonette is located on the 10th and 11th floor of this block. Held on a long lease; 125 years from 2002 at a ground rent of £10 per year. The property is currently tenanted at £300 per week (£15,600 per annum). Bought at guide that’s a gross rental yield of: 14.86%