The UK property market is facing a major period of uncertainty. Reports fluctuate daily on how much house prices will fall this year. Interest rates are still anticipated to rise and nobody knows yet if we’ve reached the peak of inflation. It’s a cocktail that’s dragging down buyer confidence – but when it comes to opportunities – investors are clear about what they’re looking for as the results of Network Auctions’ 9th February online auction shows.
‘What’s clear to me,’ said Toby Limbrick, auctioneer, ‘is that those properties with in-built opportunity are flying. Location has always been a massive driver of value, but now what investors are looking for is location and opportunity in one. People want the double-combo now if they’re going to buy.’
This mentality is what explains why a two-bedroom terraced house in Kingston Road, Ilford requiring complete refurbishment sold for £371,000 – 43% higher than the top guide of £260,000. Limbrick said, ‘The property needed everything doing to it, but it’s located in a connected area and the new owner has the opportunity to reconfigure to a three-bedroom. We had 111 bids on this property and that’s likely because the bones of the property are good – it’s a period house with a handsome façade and the area is continually improving.’
A hope for continued regeneration was also seen as the reason behind the soaring success of a two-bedroom apartment in Kelson House, Canary Wharf. With a guide of £140-150,000 the property sold for £193,000. This still sounds cheap for London, but the catch was the property formed part of the Samuda Estate who’re currently consulting residents on their future. With a multi-million-pound renovation in the pipeline or demolition which would result in compulsory purchase on the cards, it didn’t deter bidders. Located in the estate made famous by the TV drama ‘Top Boy’, buyers placed 53 bids before the virtual hammer came down.
Network Auctions next auction will be held on 16th March. For more information: www.networkauctions.co.uk