RENTALS REAP RICHES AT AUCTION
APPETITE for rental income is fuelling a healthy auctions market. A London flat on a short lease has sold for £100,000 above guide price through Auction House London. The two-bedroom flat in Wembley, Middlesex, with a remaining lease of just 18 years, sold for £140,000 from a starting guide price of just £40,000. Although the flat needed refurbishing, the advantage for the buyer of this property in Sylvia Court was that the freeholder had already been approached for an extension to the lease.
Jay Howard from Auction House London says: “Despite market fluctuations, property auctions are still producing good value for sellers. Land, with or without planning permission, is proving an excellent buy and the first-time-buyer property market is looking particularly promising at the moment.”
The property was one of 106 lots offered in the auction room at the London Marriott Hotel in Regent’s Park. The sale raised a total of £13.6 million.
Short-lease Wembley flat, sold for £140,000 by Auction House