London's property auctions: East Ham, Dulwich and East Finchley

Samantha Collett takes her pick of July's property auctions in East Ham, East Finchley and East Dulwich
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Guide price £95,000: one-bedroom flat in East Ham, London E6
One-bedroom flat in East Ham, E6: guide price £95,000
Who: Barnard Marcus
What: Lot 7, Hockley Avenue, East Ham, London E6 3AN
Where: Grand Connaught Rooms, Great Queen Street, London WC2B 5DA
When: 31 July 2013

Click here to view: Hockley Avenue, East Ham

Cheap London Property: not the usual three words you would expect to see in the same sentence – but this is auction – and this one-bedroom first-floor flat in East Ham has a guide price of just £95,000.

Hockley Avenue is well placed for local transport connections, with East Ham and Upton Park (Zone 3) within a 10-minute walk, and the North Circular is nearby.

Admittedly the flat does require modernisation – but surprisingly it benefits from a long lease (99 years from 25 December 2012) and is exceptionally spacious for a one-bedroom home, measuring approximately 548sq ft, which is the equivalent size of many two-bedroom flats. The property also benefits from its own section of private garden accessed via a staircase at the rear.

This could be an opportunity to bag a bargain, as once renovations are complete, the end value is likely to be in the region of £140,000-£150,000.

The low guide price will appeal to both first-time buyers and also buy-to-let investors, with similar properties in the area renting for around £800 per calendar month. However, it’s important to ensure you have a licence to rent from Newham council (£500 for up to five years), otherwise you could face a fine of up to £20,000.

East Finchley, N2
Guide price £170,000: ground-floor flat at Lucas Gardens, East Finchley, London N2
Ground-floor flat in East Finchley: guide price £170,000
Who: Barnard Marcus
What: Lot 94: Lucas Gardens, East Finchley, London, N2 8HJ
Where: Grand Connaught Rooms, Great Queen Street, London, WC2B 5DA
When: 31 July 2013

Click here to view: Lucas Gardens, East Finchley

Modern flats are not the usual staple of the property auction rooms and so this ground-floor flat in East Finchley offers a contemporary choice.

Lucas Gardens is a secure residential purpose-built block, built by Fairview in the year 2000. The flat offers well-proportioned accommodation at about 473sq ft and has views of the communal gardens, a long lease and car parking – which is a definite bonus in this part of town.

The guide of £170,000 looks attractive given the usual selling price of these flats are a minimum of £200,000 and sell like “hot potatoes”, according to local estate agents.

East Finchley is a popular area with both owner occupiers and investors and, if bought close to the guide price, this flat could produce a gross yield of seven per cent per annum. The “old village” is within easy walking distance and offers a variety of local coffee shops, restaurants, shops and bars.

The property is well situated for transport connections, being located almost equidistant between East Finchley and Finchley Central underground (Northern Line). The North Circular is just moments from the property, along with numerous bus routes.

Upland Mews
Guide price £140,000: two-bedroom maisonette in Upland Mews, Dulwich, London SE22
Two-bedroom maisonette in East Dulwich: guide price £140,000
Who: Barnard Marcus
What: Lot 5, Upland Mews, Dulwich, London, SE22 9EG
Where: Grand Connaught Rooms, Great Queen Street, London, WC2B 5DA
When: 31 July 2013

Click here to view: Upland Mews, Dulwich

Finding a bargain in popular East Dulwich is a tall order – however this two-bedroom self-contained maisonette in Uplands Mews looks a steal at a guide price of just £140,000.

Arranged over three floors the property offers a whopping 925sq ft of accommodation – and so there is plenty of space on offer – plus it even has a rear garden.

Now the bad news – the property requires full refurbishment and so you will need to set aside a healthy budget to bring the property up to date. The lease is also getting short at around the 70-year mark and so it would be prudent to look to extend this.

Is it worth it? Well, similar properties in the area which are “up to spec” are being marketed in the region of £280,000-£300,000 so there could be plenty of margin in this for the new owner.

The property also has the potential for handsome investment potential given similar properties in the area start at around £1,250 per calendar month.

The property is centrally located and is just a few moments’ walk from Lordship Lane which offers a whole variety of shops, bars and restaurants. Transport-wise, East Dulwich is the closest train station which is located half a mile away and takes 12 minutes to London Bridge.

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