Property: Two bedroom London flat listed on Zoopla for JUST £20,000 – why is it so cheap?

When it comes to purchasing a new home, Britons expect that they’ll have to part with a lot of money. With house prices rising gradually potential buyers tend to save up for years to increase their chances of getting on the property ladder. So this property is likely to turn heads, after it was listed on Zoopla for just £20,148 – less than a quarter of the average London deposit. According to the Nationwide Building Society, a typical 20 per cent deposit in London was around £80,000 in 2018. The luxury apartment, which is located in London’s Liverpool Street, includes two bedrooms and one bathroom.

Not only is it beautifully decorated inside, but potential buyers will benefit from its superb location, with principal commercial, leisure and shopping areas within easy reach by public transport.

As well as this, the home comes fully furnished, with modern soft furnishings, a beautiful built in kitchen, and a state of the art marble tiled bathroom.

The property has been listed by GPS (UK) Ltd. and they claim a buyer could make a profit of £90,840 over five years.

The description reads: “GPS are thrilled to present a rare but lucrative opportunity to purchase this property with five years remaining on the Leasehold.

“Particularity, specialised serviced accommodation offers high rental income, with this property offering a potential projected £90,840.00 net profit over the full 5 year term.”

So why is it so cheap?

A look at the description and the lower price becomes clearer.

There is only five years left on the lease of this property.

The advert adds: “There is no option to purchase at the end of the term. Tenants may choose to self occupy this apartment although GPS would advise that this property is set up for and used as serviced accommodation. The figures provided are potential returns and we offer no guarantees.”

Generally, it’s not advised to buy properties with less than 80 years on the lease at the very minimum,however this could be the perfect deal for the right buyers.

The average value for a flat in the EC2M area was estimated at £851,568.

Another property was listed on Zoopla for a similarly low price.

A three bedroom house was put up for sale for just £34,999.

The house, which is situated in Peterlee, County Durham, aisles includes two bathrooms, a massive garden and parking available on the street just outside.

source: express.co.uk