24 Bourn Lea, Houghton le Spring, Tyne And Wear

Description

A well-proportioned two-bedroom semi-detached bungalow with driveway, garage, gardens and solar panels, offered with vacant possession and excellent scope for modernisation.

Accommodation

Entrance hallway, spacious living room, fitted kitchen, two bedrooms, shower room and sunroom/conservatory overlooking the rear garden.

Location

Situated within an established residential location in Bourn Lea, Houghton-le-Spring, conveniently placed for local amenities and transport connections.

Tenure / Property Information

Investment Analysis

The five supplied completed sales on Bourn Lea range from £100,000 to £142,500: £100,000 in July 2025, £130,000 in November 2024, £130,000 in February 2024, £116,000 in March 2022 and £142,500 in October 2021. These are semi-detached leasehold comparables, but no floor areas, internal condition details or direct bungalow comparables are supplied. A provisional evidence-based GDV range is £100,000–£130,000, with £120,000 used as the base estimate. This is an indicative estimate only and does not account for the property's unknown modernisation cost or lease terms.

Investment Snapshot

Strategy Recommendation

Proceed only after reviewing the legal pack, lease terms, special conditions and an inspection-based works schedule. Do not rely on a BTL or BRRR strategy until rent and total project costs are evidenced; any bid should remain conservative against the provisional GDV range.

Works Required

Modernisation is indicated by the description, but no specific defects, specification or cost evidence is supplied. Any works should therefore be confirmed through inspection and the legal pack before bidding; no quantified refurbishment allowance can be supported.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

The proposed BRRR route cannot be fully underwritten. The base GDV is provisionally estimated at £120,000, giving an indicative 75% refinance figure of £90,000, but purchase price, refurbishment cost, other acquisition costs, lease liabilities and rental income are not sufficiently evidenced. Cash left in cannot be calculated.

Buy-to-Let Analysis

BTL viability cannot be established because no sufficiently specific rental comparable or auctioneer rent estimate is supplied. Gross yield, operating surplus and debt-service coverage cannot be calculated. The property is vacant on completion, so there is no passing rent to rely upon.

Flip Analysis

A resale appraisal is constrained by the unknown purchase price, modernisation cost and additional auction/legal charges. The supplied comparable evidence supports a provisional £100,000–£130,000 resale range, with £120,000 as the base GDV, but no reliable flip surplus can be calculated.

Investor Risks & Due Diligence

• The lease term, ground rent, service charge, restrictions and other lease obligations are not supplied.

• The property's condition and the cost of the stated modernisation are unquantified.

• No sufficiently specific rental evidence is available, preventing yield and cash-flow analysis.

• Additional search, seller-cost reimbursement, legal and transfer charges may apply under the Special Conditions of Sale.

• The guide price is not the confirmed purchase price and the £3,600 admin charge is payable on completion of the auction.

• The comparable sales are semi-detached properties, but their floor areas, condition and similarity to this bungalow are not supplied.

Recommendation

Proceed only after reviewing the legal pack, lease terms, special conditions and an inspection-based works schedule. Do not rely on a BTL or BRRR strategy until rent and total project costs are evidenced; any bid should remain conservative against the provisional GDV range.

Strategy Rating

Analysis Confidence

There is useful same-street completed-sale evidence and confirmed vacant possession, but no rental evidence, lease details, condition-based works budget, floor areas, buyer premium terms beyond the admin charge, or full special-condition costs.