10 Farm Close, Barnet, EN5 3BS

Description

A three bedroom semi detached house in need of some updating. The property benefits from off street parking and a rear garden.

Accommodation

Ground Floor - Reception Room, Kitchen, Conservatory, Shower Room/WC. First Floor - Three Bedrooms, Shower Room/WC.

Location

Located on Farm Close, accessed off Ryecroft Crescent. A range of shops, restaurants and pubs are available in the centre of Barnet. The property is surrounded by a variety of recreational amenities of Whitings Hill Open Space. Road links via the A1 and M1. Transport High Barnet Station - Northern Line.

Tenure / Property Information

Investment Analysis

The property is a vacant, freehold three-bedroom semi-detached house with parking and a rear garden, described as needing some updating. The supplied completed-sale evidence is limited to five historic Farm Close transactions from 2003 to 2013, with the latest at £308,000 in September 2013. It does not provide sufficient current market evidence to support a present-day GDV or to assess whether the £450,000 guide is attractive.

Investment Snapshot

Strategy Recommendation

Do not commit at the £450,000 guide on the supplied evidence alone. Obtain current local comparables, a detailed inspection and a costed scope of works before considering a purchase.

Works Required

Update the property as required following inspection. The evidence only identifies a general need for updating and does not support specifying particular defects, systems or work quantities.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be established because there is no supported current GDV, refurbishment budget, property-specific rent or finance-cost information. The historic comparable evidence is too dated to support a refinance calculation.

Buy-to-Let Analysis

A BTL assessment cannot be established. The only rental evidence is an advertised £1,900 pcm listing in Thame, which is not identified as comparable to Barnet, and no auctioneer rent estimate or property-specific achieved rent is supplied. Works and acquisition costs are also unknown.

Flip Analysis

A flip assessment cannot be established. The supplied sales are historic, with the latest transaction in 2013, while the guide is £450,000 and no supported refurbishment or selling-cost allowance is provided.

Investor Risks & Due Diligence

• Current market value cannot be supported from the supplied historic comparables.

• The extent and cost of the required updating are unknown.

• No property-specific rental evidence or passing rent is supplied.

• Buyer, administration and other auction costs are not provided.

• The guide price cannot be tested against current comparable evidence.

Recommendation

Do not commit at the £450,000 guide on the supplied evidence alone. Obtain current local comparables, a detailed inspection and a costed scope of works before considering a purchase.

Strategy Rating

Analysis Confidence

The property description and tenure/occupancy are clear, but current value, rent, condition costs, fees, EPC and other operating-cost evidence are absent. The sales evidence is historic and the rental listing is from a different location.