Two months after being purchased at auction, a run-down flat in Aylesbury, Buckinghamshire was renovated and placed back on the rental market to start generating a fantastic income for the new buyers.
Located just minutes from Aylesbury town centre, 15 Kingfisher House enjoys excellent transport links to London and access to a wide range of local amenities, making it a prime rental prospect. The flat’s open-plan layout had potential, but it needed updating to meet rental standards.
After the property was purchased in our national online auction for £120,000, renovations got underway and were completed in just three-and-a-half weeks, at a cost of £4,200.
The work included fitting a new kitchen with appliances, laying replacement carpet and underlay, and obtaining a new EICR certificate from an electrician. Costs were kept down as the buyers completed the bulk of the work themselves, which included painting, cleaning and multiple trips to the local tip.
Following the renovations, the property was placed on the rental market for £1,050 per calendar month, securing the buyer an income of £12,600 per annum, and an impressive 10.12% gross yield.
Reflecting on the experience, the purchasers said: “We have never bought at an auction before, but we will definitely do so again if the right property comes up! A huge thank you for all of your help with our recent purchase. All interactions with Auction House were smooth and Philippa was so helpful each time.”
Whether you’re a seasoned landlord or just starting your property journey, buying at auction offers a level of speed and certainty that can't be matched by the open market.
Why not explore the available auction lots on our website to see if we have a property to match your needs? Alternatively, contact Auction House Kent on 01622 948 750 to find out more about what we do.
