THIS three-bed property in east London seems to be a bargain at £250,000 but prospective buyers really need to take a look inside.
The terrace house in East Ham could easily be a smart family home but for one major snag – the Eigentum has suffered from extensive fire damage inside.
It’s on the market with Auction House, which warns anyone that might be interested that it “requires a full program of refurbishment”.
Then to make things worse the back garden is piled high with junk and rubbish.
The ground floor comprises of two rooms plus the kitchen which leads into the garden.
Upstairs there are the three bedrooms along with the bathroom.
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The freehold property is well located on a residential road and is close to local shops and amenities.
Barking Park is also near by.
It is also handy for transport links with Barking underground connected to the District and Hammersmith & City lines, while the overground line goes across north London and there is the rail station if you need to go further afield.
Manor Park station, on the Elizabeth line, is just over a 20 minute walk away.
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With the Elizabeth line only just opened, now could be the time for property hunters to snap up a potential bargain along its route – although those properties may well need quite a bit of work doing to them to make them liveable.
Estate agents have also tipped Forest Gate in Newham as a place where savvy buyers could get more bang for their buck.
Flats in the area are currently going for as little as £90,000 and three-bed terraced houses can be as little as £250,00, well below the typical prices in London.
According to Rightmove, properties in London had an overall average price of £688,777 over the last year. Terraced properties sold for an average of £768,289.
But those low prices may come with a catch as many are run down and appear not to have been lived in for years.
Estate Agent Robin Mauley, who works in east London for Foxtons, recommended potential house buyers “look outside your comfort zone”.
Robin said: “Forest Gate is a great area for investors and especially people who want to make a bit of money or start a family. There are plenty of options in Forest Gate but if you want a real bargain you should look at doing up a house.
“For some reason, there are lots of houses on sale that need a lot of work. You can buy a house for around £200-300k and then spend £50k on doing it up.
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“Then you can sell it off for more money. With the Elizabeth line, it’s going to increase even more.
“To keep costs down you will need to do a fair bit of DIY but if you don’t mind doing a lot of the work yourself you can easily create a great home to live in or sell on.”
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