Property prices in Enfield are on the increase as demonstrated by this auction property which sold on Monday.
Things have been very busy in the office recently and while I would normally view around half a dozen auction properties every month, I only saw one in October.
This house in Winnington Road EN3, I felt I had to see as I manage another property in the same road and knowing the rent it could achieve I was curious to see what was on offer.
These are standard two-up two-down terraced houses which I quite like however nothing about this house really grabbed me and I came away without taking even one picture.
Why is this house worth talking about?
Well basically the price that it went for.
In an advertorial that I wrote in The Enfield Independent earlier this week - 'How can anyone afford anything?', I pointed out that house prices in LB Enfield had risen by 12.2% in the year to September 2015. This house puts that increase into some context.
The last two houses sold in this street were in March this year and September last year. Both were similar two bedroom properties and they sold for £260,000 and £245,000 respectively.
Working on an annual increase of 12.2% these houses would now be worth around £275,000 - £277,500. Thats equivalent to a £30,000 increase in 13 months which can't be bad.
Both these houses seemed from the property particulars to be in good condition and yet this auction property which was definitely in need of some modernisation and TLC sold for £277,000.
That's roughly the same price as the other two houses but in much worse condition and in need of a few thousand pounds further investment.
That said, once ready, this property could be let for £1,250pcm generating a gross yield of around 5% - 5.5%.
I think this demonstrates that not only is the local market still on the up but that you need to do your homework when navigating the property market. This is an area where we help the landlords we work with so if you are thinking of investing in buy to let in Enfield then call us for a chat.
At Belvoir Lettings Enfield we don’t sell property, we simply use our experience to advise people as to what might make a good property investment in the Enfield, Haringey and Barnet areas, and how to successfully let their property.