London one of the most expensive cities in the world for real estate where the current average price for a property sits a huge £58,000 so join me as I search the lower end of the property market and explore the cheapest flats for sale in 2024 welcome back to London and to another cheap property video except well it's London so they're not going to be cheap just the cheapest that I could find now I came down in 2023 last year and I did two of these videos I did the cheapest houses that I could find for sale and I also did the cheapest flats that I could find for sale so obviously the property Market has changed massively interest rates gone up it's harder to get a mortgage property values did drop all across the country so who knows what I will find I've got five different Flats to show you all of different sizes different locations different types so I'm really excited to see what we come across as we explore so yeah I've just got off the train come down to stram South London for the first viewing so let's do it oh as well I did a property viewing up north recently I was trying to make a video and the guy recognized me and I thought this isn't good it wasn't too bad up north cuz I was near to home however I've paid for trains coming down I've paid for a hotel to stay over I can't get caught out and have the video lost so I've brought my disguise down what's the best way to go unnoticed in absolutely any situation to hide your identity hard heart hi Vis and a lanyard I'm pretty sure this is going to fully disguise the wandering turnip I am no longer the wandering turnip the YouTuber but WT property construction and development no one is going to question a builder going to look around a flat that needs doing up Havey right let's do it it's just over here somewhere so here's the listing online for this property it's on for £260,000 going to auction so we'll probably go for a lot more than that the pictures look terrible so I'm really intrigued to get inside and it's got 82 years left on the lease I'll speak a bit more about lease hold later on in this video but let's get inside so this is the view from outside it's the downstairs bit of that building there so let's get in now you comeing through this entrance around here which was full of stuff total mess out there and inside now the first thing you notice is a lot of holes in the floor it was pretty sketchy walking around in here your feet felt like they could go through the floorboards at any moment but looking around you can see that it is just a total shell in here and it's interesting normally in my property videos there's holes in the ceiling that is normally a feature that I always come across whereas in this video you'll start to see that the feature is Holes in the Floor and the hole you're about to see is the biggest hole I have ever seen in a property I kid you not that is about 2 m deep about a meter and a half wide I couldn't believe it just look at the size of that we'll come back and have another look at that in a minute but let's just go see the bedrooms now there's two down a little set of stairs so this is the first one this is your view out of the window there a bit trashed outside look at this wall look at that green I believe that green is known as forest green and on the ceiling there just so much black mold little bit of a hole in the wall there this room's in really really bad shape I wonder how long it has just been left like this really hard to tell when someone last lived in this place so this room on the end there is a fridge on the right there it was really dark in this room but yeah this could be another bedroom or maybe it's your kitchen really strange layout this flat I don't know how you'd set it up you do have a bit of a garden out the back though quite a bit of outdoor space which always adds on a lot to the property value I think this place does have the right to extend a little bit as well into that Garden but let's go back inside and have another look at that hole just look at that how does a place end up like that you've really really got to know what you're doing with buildings to walk into a place like this see that and go yeah I can take this on so let's get down into this area which I guess this would be your kitchen as I said it's a strange layout here's that hole from the ground floor if you've ever wondered what the Earth under London looks like this is it little bit of a geology lesson for you there down here as well you've got a utility room yeah so this would definitely be your kitchen area down here and a little toilet at the back now unfortunately this flat was withdrawn from the auction the day before and I don't know the reasons why but maybe and I think this is what i' do if I was trying to sell this I wouldn't sell it in this state I'd invest in it because all this is so so offputting but it's got a garden it's got a great location it's really spacious sort all this stuff out property prices are rising massively in London again Chu it on the market in a year or two you're going to make a killing I forgot to say as well in that flat that I just viewed they made me sign a w before I went in saying in case I die it's uh not their responsibility which was interesting and it's more interesting because so I have viewed so many properties on the very very low end of the market the deric properties the ones no one else is interested in that's my speciality I've seen so many all over the country and never once has anyone done that never once has anyone told me to be careful never once has anyone made me sign something or giving me protective gear which is crazy isn't it when you think about it that's the first time ever and I mean that's not the right thing to do the right thing to do is make it safe make the property safe to view don't just say if you do die it's not our fault there actually was a drop in the property Market in London so prices dropped 5.2% so what caused that drop in property value in London and all across the country so interest interest rates went up didn't they they hit a 15year high of 5.2% which is where they're sitting now so the property value in London dropped 5.2% as interest rates Rose 5.2% so with interest rates that high the thought of buying a house or a flat or a property of any kind is just off putting then moving into 2024 where we are now and in London property prices have started to rise again about 1.2% they're going up at the moment but with this 1.2% rise which means there was all the interest coming back to buying property I was looking at who's getting them and it's interesting because more than ever it's more first time buyers going you know what I'm just going to take the risk get that cheap property the interest will be higher but now is the chance so more firsttime buyers more people who've never had a mortgage before less people buying a second home less landlords going oh I can get that space and rent it out there's also a lot less foreign investment coming into London people who think o where should I buy a second home now where's getting more popular places like Dubai the Middle East all those glorified playgrounds that's where a lot of this money that used to come and go I'm going to get that house there they're just going over there now so there's less of that as well right anyway let's get on to the second property up in hyri in his LinkedIn it's about a 20 minute walk from now so I'm going to figure out which way I'm going we'll go have a look at that yeah Property 2 I wonder if it'll beat the first one we saw that was a c wasn't it all right let's get to it so here's the listing for the second flat that we're viewing today so on for £120,000 so one of the cheapest that we're looking at and the lease has 89 years left on it now the location's amazing hban is lingon it's right near Kings Cross station so why is it so cheap let's go in and have a look round so the first thing to mention is the smell the smell of this flight was one of the worst I have ever been in quick look at the view actually that's the city just over there so a really nice view but the smell so so bad one girl who was coming to view it said I can't go in there I cannot view that is too too bad so this is your bedroom on the end here then you've got the bathroom now it's not in a great way but to be honest it wouldn't take too long to fix up a room like this it's small it's all cosmetic you could do this pretty quickly there was a hole at the back there but again pretty easy to fix I think it just came through to this storage covered here and then into the living room it's funny how carpets can hold smells and I feel like this is what's happened here years of cigarette butts stale coffee and other toxic spillages left the room with a certain Aroma which I did not enjoy out onto this little balcony here though and look at the view to be fair the flat is not great at all but this view that's Mega for £120,000 a flat with a balcony and a view like that I was pleasantly surprised but let's go and see the kitchen now this kitchen has been finished to the highest of spec the units the craftsmanship it really is something of beauty and look at the floor the floor was terrible bugs everywhere now I made the mistake of opening the fridge thinking oh I'll just have a quick look inside here now if the smell was bad before it got so much worse flies were coming out oh my God it was absolutely disgusting in there so this flat sold the auction for1 195,000 the smell bad the balcony good the kitchen bad the location good what do you think right I know I said this video was just going to be London's cheapest Flats but I've had one cancel on me one of my viewings is canceled and it was a it was a good in well it was a bad in but it was a good one if you know what I mean however I've just found a house that's got some viewings so I'm stomping across to this so we're going to do one house viewing as well today cuz this looks like a where it looks in a terrible State and it's got that high price tag so let's head down here check out this house and then we'll get back to the flats so here's the house from the outside the only house I'm showing you today it's in tuting South London here's the listing online it's got that £325,000 price tag don't look great on the inside let's go in and have a look around so as you come in on the left is what I guess would be your living room there's a hole in the floor over there I did promise you some more of those but it was the walls that really stood out now these are in such a bad way you can see there's a damp problem on the walls the ceiling bits just crumbling away you could smell it over on the floor as well here another hole and as it's near the window you're wondering where is all that moisture water coming through you know this is more than just cosmetic it's going to be an entire strip back of everything figure out the internal problems and go again and this is the other hole in the floor that I was pointing out today they are becoming a regular Fe feature of this video now through here to I guess what could be another living room but this room was really weird because I started to notice in here just how slanted the house was it felt so strange you could feel it as you were walking around so why do I carry with me at all times a bottle of 5 knockoff little after shave well a it smells nice and B it's the perfect shape to demonstrate just how slanted a house is I've used this technique before and look at that go so you're really have to go back to basics get everything gutted out and solve that problem underpin the house now here we go through into the kitchen and yeah it's a total mess and I knew we'd find at least one today a hole in the ceiling there we go there it is for you and all the cupboards everything in here was just so dirty it smelled really bad there was mold growing on absolutely everything again another one I just don't know how long it's been left for this property does come with a decent sized Garden it's overgrown here but you can see this must just be adding on so much potential value to the house and looking it from the outside it does look nice and back in just another look around this kitchen so so Grim in here really really bad and then it was time to head upstairs now walking upstairs you could feel how slanted this house was quick look around the bathroom I didn't want to spend too long in here cuz I realized that hole in the ceiling that I'd seen I think LED through into here but yeah not in good shape at all into this room over here there was loads of sand all over the floor I still cannot figure out why that was there but it really is the planting in this house that is the main problem that's what you're going to have to start with that's what you need to tackle first and if you're wondering uh it's xbolt by gellini as I said you can pick it up for5 from any little or Aldi and it is a really really good multi-purpose tool a must have for any property developer who also likes to smell nice and through to the final two rooms up here and both of them the walls are really bad as you can see it's stri back to Brick there so you're going to have to start with figuring out how to stop the house from sling and then also figure out how to stop this damp problem in the house this is the final room up here and look at that look at the mold growing on the brick there it's really really bad and I followed this property to auction as I always do and this house sold for £62,000 let me know your thoughts on that so when you buy a flat chances are you'll be buying it as a leas hold and opposed to a free hold so lease hold means you own the flat but you don't own the building that it's in nor do you own the land that it's on now most Flats these days come with at least about 125 years seems like a long time it'll outlive you but you'll probably want to pass it on to someone your children their children keep it in the family now sometimes you'll find a flat that will have 999e lease on it that's amazing that's fine that's really what you want to find but if that lease runs out it means it goes back the property into the hands of the Freeholder so yeah you let your lease run out it's no longer yours but you as the Le lease Holder have the right to at any point and are encouraged to extend that lease now it will cost you but it varies in how much depending on how long's left on the lease the bad news is if the lease starts getting low if it's less than 80 years left on the lease that's when it starts getting really really expensive to renew it once it gets down to 50 years that's when Banks stop allowing mortgages and make it really really hard to get the property so this flat that I'm about to view now I se it it's in a really really nice part of London really really Central it's only on for 100 grand I thought what's going on here and then I saw it's only got 9 years left on the lease so 9 years if you don't pay whatever it will be it's not yours anymore now I did read that with this place soon as you buy it you'll get handed a section 42 notice which means you've got to pay the money straight away otherwise it goes back into the hands of the landlord the Freeholder I better get back in the high Vis and hard hat just in case better to be safe than sorry today there we go we're back in business no one's going to suspect a thing that's my gym card by the way don't matter what you put in the lanyard just wear one people pay you respect so here's the listing for this flat and I said this is the weird one because look at the location marily bone a really really good location the priced only £100,000 so what is going on with it well the reason has got to be because looking at the pictures looks pretty nice the reason has got to be because the lease only has 9 years left on it so 65e lease from 1968 9 years unexpired so let's go and have a look let's see what it's like and maybe use that calculator at the end to figure out what you'll actually pay on top of what it sells for so coming into the flat and immediately you can see that well this is very different to the normal types of properties that I show you this looks quite nice the walls are all fine it seems in really good condition there's nothing really that would need doing to this flat to move in you could turn up put your stuff in it ready to go there's your view outside one of the windows so yeah why is it so cheap £100,000 for this look at the ceiling totally fine no holes in the ceiling no holes in the floor I was pretty disappointed to be fair with that nice little kitchen I mean it is a small flat that's the only bit of mess that I saw on the wall there and the only other thing that I could find wrong with this flat was this little design malfunction I mean this would do my head in don't put doors next to each other like that but apart from that yeah this flat is sound so not what I was expecting at all for a flat that was on for £100,000 in the center of London now it's got to be because of that lease that's left only 9 years left now this flat sold at auction for £215,000 but what I'm going to do now is I'm going to show you this lease calculator where can work out just how much you would pay when the lease is really low and I'll compare it as well to what would happen if it was 125 year lease or a 999 year lease so I'll show you this now so I find lease extension calculate is really interesting to mess around with so let's put the data in and see what it comes up with ground rent on average 350 quid property value we saw it sold for £215,000 and let's see what it would cost with 999 years left on the lease so that' be £ 5,800 to extend it's not massive let's see with 125 years left 6,300 let's move it down to 75 this is where it starts getting expensive so that's £19,000 it cost to extend let's see what it would be with nine years oh my God so it's £60,000 that you have to pay extra to extend that lease so let's get the calculator out original price £215,000 plus paying £160,000 to extend that lease it's actually £375,000 for that flat what do you think now so I got a message from someone the other day saying if you're ever in London Again David you should go make a video about these fake houses now I was intrigued and it was also good because while I am in London I was literally coming down to make a video about property so I thought well if someone's given me a tip I got to go do it I love it when people do that so let's go do it let's go check out these fake houses I've done a bit of research about them but I'm very intrigued to go explore them myself see what it's all about look at all these houses around here bloody hell they're fancy aren't they to live around here in one of these you must have a well good job like I don't know Banker or art person or Rich parents one of them so I think it's just up here I think it's one of these the fake houses they don't look fake they look real to me and they look real fancy I think it's 22 and 23 right yeah so obviously they're all in use there and it's these ones here scar a lot you can see in the windows there's nothing in them fake houses yeah so this is them there I'm just going to get down because that truck's a bit noisy yeah those houses there they're actually only about 5 ft so they look like real houses apart from the windows but they're not let's walk around and see if we can look behind so back in 1860 when they were digging the First Metropolitan line how they used to do it was they wouldn't dig through the ground they'd start at the top go down and then rebuild over so what they had to do was they had to knock two houses down to do that and then they were instructed well you got to put something back up you can't just leave it so they built these fake ones I wonder if you can get around so I think we'll be able to see them from the back here yeah look at this very interesting thank you for the tip whoever you were that sent me that that's Mega so I've just headed east to Leighton stone for this next viewing I think it's a two bed and up upstairs flat in a house and yeah I think from the pictures it's a twoed uh doesn't look in great shape and also got quite the price tag with it so it'll be interesting to see but yeah let's go check it out Laton Stone I've never really been this part of London before um seems all right pretty nice the houses seem quite nice the streets seem all right to be fair pretty quiet nice like Terrace houses going that way seems quite close to the tube station as well okay so let's have a look at the last flight we've seen five properties today this is the last one it's on for £260,000 that's the floor plan of the flat there now let's check out the leav whats it on it's got a 990e lease left that's what you want to look out for like I showed you before with the calculator that's not going to be much to extend really so this is the flat it's the upstairs one there so let's get in and have a look around so heading into this flat and on first appearances it just felt like cosmetic damage bit of wallpaper peeling off no way near as bad as some of the other properties that I've shown you today there were a few cracks in the walls now I couldn't tell if this was just in the plaster board or maybe it was structural but you just have to pull that back to check but nothing that looks too bad now decent sized rooms in this flat way way bigger than I actually expected from looking at the listing and from outside and again in this room few little cracks on the walls but nothing too bad at all now coming over to the window you can see here that there is a tree that's trying to move move in so you might have some company there unless you cut that back now heading back through the rest of the flat and as you can see yeah it is just cosmetic damage really and into the bathroom which was a bit dirty it was groty it wasn't in great shape but to be honest it would not take long at all to sort this bathroom out you could make this nice very quickly I don't think there's too much internal damage in this place it was a bit gross but to be honest this was the best flat I've seen all day in terms of size in terms of price I'm very intrigued to see what it'll sell for then heading through to the kitchen and it did get a lot worse in here to be fair there was a lot of mold on the floor a lot of dirt on the floor why is it that it's always the kitchens that let me down give it a bit of a clean come on I mean you're going to be stripping it all back anyway but just look how filthy it is in here it doesn't take long to make that look a little bit more appealing under here as well really dirty if I were selling a place like this what I'd do is I'd come around I'd just strip it back already get all this stuff out clean it and then You' think think oh it'll be worth a lot more it looks so much nicer but maybe in London it just does not matter you can put it on in this condition and it'll still sell you've got this room on the end here which again decent Siz room few cobwebs up there bit of dirt down here but it really isn't anything too bad at all especially in comparison to some of the stuff that I do see I did find some droppings that appear to have come from a rodent or another mediumsized creature but this flat sold at auction for 2875 th000 which is only 27 Grand over the guide price very interesting let me know what you think of it people speak to me when I'm wearing this like I have a clue what I'm on about I don't I just got the hi his hard hat on it's great try it you should try it so there we go we've seen four flats and one house now I follow a lot of properties to auction and honestly the flats did not go for as much as I thought they would the house did and maybe that falls into what I was talking about saying first time buyers wanting a family home Flats definitely are not as appealing as houses to families so maybe that is playing into it now if you want to subscribe to the channel you can do it massively helps me if you're watching virra TV which I know a lot of you are you might not be logged in you might not be subscribed so I'm going to put this QR code up here which you can scan with your smartphone camera it'll take you through to a page where you can if you want to and I will definitely be back in the capital soon for London's cheapest houses part two although we might need another disguise let me know what I should be dressed as cheers bye-bye
