Newspaper article The Evening Standard (London, England)

Return of the [Pounds Sterling]100,000 London Home

Newspaper article The Evening Standard (London, England)

Return of the [Pounds Sterling]100,000 London Home

Article excerpt

Byline: MIRA BAR-HILLEL, JONATHAN PRYNN

LONDON is seeing the return of the [pounds sterling]100,000 home as property values plunge.

The Standard has found a string of homes being sold for five-figure sums not seen in more than a decade.

At one auction last week 18 lots changed hands for [pounds sterling]100,000 or less an extraordinary total given that only 42 homes were sold in the whole of London in this price bracket in August.

Many lots were repossessed properties, among them homes in inner-London boroughs such as Southwark and Lambeth. They were snapped up by developers or landlords but some went to owner-occupiers. The figure will bring hope to first-time buyers that they will be able to find affordable homes in London, even as banks force them to put down deposits of 25 per cent.

One property analyst said: "If you saved a deposit of [pounds sterling]25,000, which is not unrealistic for a couple on average incomes, you are now in a position to take advantage of falling prices." Thousands of homes are being sold for knockdown prices at auction as banks try to offload repossessed flats.

Properties worth a quarter of a million pounds last year are going for under [pounds sterling]100,000. It comes after a dramatic rise in repossession orders, with 26,200 homeowners losing their property last year alone.

At one auction last week, eight out of 10 properties on the catalogue were repossessions. At the sale, by auctioneers Allsop, 1,100 homes went under the hammer and 18 lots changed hands for [pounds sterling]100,000 or less.

One lot, a three-bedroom flat in a council block in Brixton, was sold for only [pounds sterling]79,000 to a buy-to-let investor, who said: "I first saw this flat a few months ago, advertised by local agents at [pounds sterling]149,000. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.