Trying to get on the property ladder can be tough, but what if we told you that for just £360,000 you could buy a quarter of an entire street?
With the average sold house price in London sitting at £692,832, owning a home can feel out of reach.
However, head further up north to Carlisle and you can purchase seven properties for half the price of one in the capital.
These Cumbria homes – which are in need of modernisation according to the listing – are the perfect investment opportunity, and they’ll make a great doer-upper project for someone looking to get their hands dirty.
You can’t just put an offer in though. Auction House Cumbria is overseeing the sale of all properties by private auction.
The homes are initially being made available as three different lots, before being offered as a combined sale. So, numbers 4, 6, 7, 8, and 9 Garden Street make up one lot, with 5 Garden Street and and 3 Garden Street as the other two.
If you and your family like to live near each other, you could all take up residence on the same street, just a doorstep away from each other. Or, providing you have the permissions and know-how, you could even turn them into two giant houses.
Number 5 is priced at £50,000, and 3 has a guide price of £60,000 – each are also subject to an additional buyer’s premium of £1,200 and another £1,200 in admin fees.
Meanwhile, the five-house lot which consists of 4, 6, 7, 8, and 9 comes in at £250,000, along with a buyer’s premium of £1,200 and £6,000 worth of admin fees including VAT.
This seems like a pretty great deal given properties in Garden Street sold for an average price of £71,200 over the last year.
On the other hand, it’s worth noting that sold prices in Garden Street over the last year were 38% down on the previous year, according to Rightmove, and 43% down on the 2016 peak property price of £125,000.
If you’re considering whether it’s a worthwhile investment though, you’ll have to make your mind up fast. With the auction set to take place on October 24, there isn’t much time left to decide.
About Carlisle
Location is an important factor when it comes to purchasing property, so you’ll be pleased to know that Garden Street is right next to Carlisle station and just a short walk from the city centre.
The city – which sits just below the Scottish border – is home to the stunning Carlisle Cathedral which boasts 900 years of history along with a treasury exhibition and monastic gardens.
It’s a great spot for walkers, who can stroll in Britts park on the Rivers Eden and Caldew. Some of the paths here date back to 1818, and it features landmarks like the Queen Victoria Monument which was constructed just a year after she died, in 1902.
Or, if you enjoy a drink, there’s the West Walls Brewing Co. – Cumbria’s first city-centre microbrewery creating delicious pale ales and rich stouts.
Carlisle itself is 2,000 years old and has two areas of outstanding natural beauty, as well as one world heritage site – Hadrian’s Wall. Not a bad place to start your property portfolio, right?
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