Is this the last terraced house in London under £200,000?
New analysis of Rightmove listings in London has found only one terraced house currently advertised for sale for less than £200,000.
There are around 725 properties listed for sale on Rightmove for under £200,000 in the capital, although the majority of these properties are flats, houseboats, parking spaces, garages and shared ownership offerings.
In 2015, the average price of a two-bed terraced house in the capital rose above £400,000 for the first time in history. This figure is currently at £473,076 after reaching an all-time high of £479,055 in 2017.
Now, the only terraced house advertised under £200,000 is in Neasden (guide £170,000) in North West London.
The residence is on the market with auctioneers so could fetch less or more at auction, and disappointingly for first-time buyers, is suitable for investors only as it is a freehold purchase of two non self-contained flats with the top flat tenanted on an AST and the bottom flat sold off on a long lease.
Here, we’ve taken a closer look at how far £200,000 stretches in the London property market, as well as some advice for first-time buyers home-hunting in the capital.
Neasden, £170,000 (guide price at auction, 12th March)
Football fans may take an extra interest in this two-bedroom terraced house in Neasden, as it’s just a 10-minute drive away from Wembley stadium. It’s the only two-bedroom house advertised for sale in London under £200,000, although it’s currently arranged as two non-self-contained flats with the top flat tenanted on an AST and the bottom flat sold off on a long lease, so it’s really only an investment opportunity.
The property is listed for sale with Barnard Marcus, Hammersmith Auctions.
What other types of property can I buy for less than £200,000?
Bromley studio apartment
This cosy studio apartment is on the top floor of a characterful Victorian building in Bromley, which comprises an open-plan studio room with an en-suite shower room.
Tucked away on Penge High Street and only minutes away from Penge East and Penge West stations as well as the bars, restaurants and shops of Penge High Street and Crystal Palace, this property would interest young professionals working in the city.
This property is listed for sale with Winkworth.
Kings Cross houseboat
If you want to own a slice of the capital at a reasonable price, you may have to think outside the box, or boat, in this case. This 1986 houseboat is berthed in the top-quality Ice Wharf Marina in the centre of King’s Cross.
Merlin, as she’s known, is 60 ft in length with a 6’10 beam and is equally available to be lived in or to be taken cruising. She offers living/kitchen quarters, a double bedroom and a bathroom.
This property is listed for sale with Knight Frank.
Fans of the TV show Storage Wars shouldn’t get too excited about this listing as the garage is currently empty – prospective buyers are simply buying the shell of the building. It’s 156 sq ft in size and Wandsworth Common and residential streets are nearby.
This property is listed for sale with Savills.
Forest Hill takeaway joint
Buying this place may well spice up your life as the site is home to an Indian (and sushi) takeaway business. Both businesses, Lemon Spice and Fun Sushi, come highly rated on Just Eat and Deliveroo. To the back of the building there is staff accommodation which has both a rear and side access.
The property is listed for sale with Hunters.
Advice for first-time buyers
Rightmove property expert Miles Shipside said: “London is a massively in-demand place to live for a multitude of reasons and this is reflected in the pricing power we’ve seen from sellers in recent years.
“We know that London is a densely populated region and space is at a premium, so buyers with a budget of £200,000 in reality are best searching for flats and studio apartments instead of terraced homes.
“But know what you can afford and adjust your expectations accordingly. As with many things in life, it’s all about doing your research. Before starting, it’s often worth consulting local estate agents about sold prices of similar-sized properties in the areas you’re looking in.
“Help may also be at hand from the Government. They offer several worthwhile schemes to help first-time buyers with their mortgages, ranging from Shared Ownership to Help to Buy, so do your homework there.
“Buyers should also always be prepared to negotiate and ready to drive a hard bargain if the property has been on the market a little while. A first-time buyer with mortgage funding agreed is a tempting prospect for many sellers out there.”
All data was taken from Rightmove.co.uk and was correct as of February 2019.