The one-bedroom flat located in East London is being auctioned for £90,000 and comes with one bathroom and a small kitchen. Although the property looks drab and disused, it offers good travel links to central London and was previously rented at £1,100 per month with a 10.5% gross yield. The average UK private rent has increased by 9.2% in the past year, making properties like this one potentially attractive for investor and owner occupier renovations. In addition to its convenient location for commuting, the property is close to shops, supermarkets, and public transportation.
The property, situated at the back of a garden, has a depressing interior with a drab yellow color scheme and bars on one of the windows. Despite its uninspiring appearance, the listing notes that it is a Vacant Possession, explaining its disused state. The location in East Ham offers access to the District and Hammersmith & City line tube via East Ham station, as well as the Elizabeth line at Forest Gate station. The property has garnered attention on social media, with some users expressing disbelief at the condition of the flat when comparing it to properties in video games such as FallOut.
The area of East Ham has seen significant development and investment following the 2012 Olympic Games, with ongoing regeneration projects and new housing developments. The Market Place, a recent retail and leisure destination in East Ham, has attracted interest from potential occupiers. The opening of the Market Place in 2023 aimed to cater to the growing community in the area and provide high-quality retail spaces. The site is part of a wider effort to revitalize East Ham and deliver new homes and amenities for residents.
The compact kitchen of the flat seems to lack windows, adding to its uninviting appearance. The property offers potential for owner occupiers and investors to purchase in a residential area that is undergoing positive changes. With major events like the newfound Market Place opening and plans for more housing developments, East Ham is becoming an increasingly attractive location for both residents and investors. The property’s upcoming auction presents an opportunity for buyers to acquire a property in a developing area with good prospects for growth in the future.
The flat’s bleak living conditions and dated interiors may not immediately appeal to potential buyers, but its affordability and location make it a viable investment opportunity. The property’s former rental income and potential for renovation offer promising prospects for those looking to enter the property market. With the average private rent in the UK on the rise, properties like this one could become more accessible to individuals and investors seeking to purchase and refurbish properties for long-term gain.
Despite its lackluster appearance, the property’s location and development potential in East Ham make it a property to watch for those interested in buying, renovating, or investing in real estate. The area’s ongoing regeneration projects and investment in new retail and housing developments contribute to the property’s value and suggest positive growth prospects for the future. While the flat may not initially catch the eye, its auction price and potential for improvement make it an appealing opportunity for prospective buyers looking for a property in a changing and up-and-coming area of East London.
