2 Bed Flat, Potential PLO/LOA, Durham, DH1 2BU, £109,950

Bishops Close, Belmont, Durham, DH1 2BU - 2 views - 7 months ago

Leasehold
Negative Equity
ROI: 6%
~68 m²
+4 photos

ValuationFair Value

Sold Prices£42.5K - £185K
Sold Prices/m²£823/m² - £3.2K/m²

 

 

Square Metres

~68.11 m²
Price/m²£1.6K/m²

Value Estimate

£109,982

Cashflows

Cash In

 

Purchase Finance

Mortgage

Deposit (25%)

£27,488

Stamp Duty & Legal Fees

£4,499

Total Cash In

£31,986

 

 

Cash Out

 

Rent Range

£525 - £1,900

Rent Estimate

£663

Running Costs/mo

£496

Cashflow/mo

£167

Cashflow/yr

£2,004

ROI

6%

Gross Yield

7%

Local Sold Prices

31 sold prices from £42.5K to £185K, average is £90K. £823/m² to £3.2K/m², average is £1.6K/m².

PriceDateDistanceAddressBeds 
£95K05/210.02 mi14, Bishops Close, Durham DH1 2BU2
£92K11/200.83 mi21, Shepherds Court, Gilesgate, Durham, County Durham DH1 1JQ2
£140K06/230.95 mi7, Herons Court, Durham, County Durham DH1 2HD2
£126K08/220.95 mi12, Herons Court, Durham, County Durham DH1 2HD2
£89K08/211.08 mi74, Prebends Field, Durham, County Durham DH1 1HJ2
£55K08/221.15 mi13, Mitford Drive, Sherburn Village, Durham, County Durham DH6 1QS2
£42.5K02/231.15 mi35, Mitford Drive, Sherburn Village, Durham, County Durham DH6 1QS2
£72.5K06/231.15 mi31, Mitford Drive, Sherburn Village, Durham, County Durham DH6 1QS2
£155K03/231.43 mi23, St Giles Close, Gilesgate, Durham, County Durham DH1 1XH2
£160K08/211.43 mi33, St Giles Close, Gilesgate, Durham DH1 1XH2
£146K05/211.43 mi22, St Giles Close, Gilesgate, Durham DH1 1XH2
£69K12/221.5 mi11, Glens Flats, High Pittington, Durham, County Durham DH6 1AR2
£175K09/201.53 mi16, The Sidings, Durham, County Durham DH1 1HS2
£90K11/211.76 mi10, Lambton View, Rainton Gate, Houghton Le Spring, Durham DH4 6QL2
£90K11/211.76 mi10, Lambton View, Rainton Gate, Houghton Le Spring, Durham DH4 6QL2
£88K07/231.76 mi19, Lambton View, Rainton Gate, Houghton Le Spring, County Durham DH4 6QL2
£98.5K03/221.76 mi18, Lambton View, Rainton Gate, Houghton Le Spring, County Durham DH4 6QL2
£80K12/211.76 mi12, Lambton View, Rainton Gate, Houghton Le Spring, County Durham DH4 6QL2
£87.5K04/231.78 mi42, Blanchland Avenue, Durham, County Durham DH1 5XP2
£87K08/221.85 mi76, Lindisfarne Road, Durham, County Durham DH1 5YQ2
£75K04/211.87 mi23, Halton Road, Durham DH1 5YJ2
£70K12/201.87 mi35, Halton Road, Durham, County Durham DH1 5YJ2
£80K06/211.93 mi10, Hamsterley Crescent, Durham DH1 5SS2
£80K06/211.93 mi10, Hamsterley Crescent, Durham DH1 5SS2
£185K03/211.98 mi13, Freemans Quay, Durham DH1 1SW2
£110K09/201.98 mi1, Claypath Court, Durham DH1 1QE2
£86K08/221.99 mi111, Carr House Drive, Durham, County Durham DH1 5XW2
£112.5K02/231.99 mi21, Claypath Court, Durham, County Durham DH1 1QE2
£93K06/231.99 mi41, Claypath Court, Durham, County Durham DH1 1QE2
£103K10/221.99 mi40, Claypath Court, Durham, County Durham DH1 1QE2
£48K03/211.99 mi107, Carr House Drive, Durham, County Durham DH1 5XW2

Local Rents

20 rents from £525/mo to £1.9K/mo, average is £885/mo.

RentDateDistanceAddressBeds 
£55012/240.01 miBishops Close, Belmont2
£1,55006/230.05 mi-2
£1,90012/240.05 mi-2
£1,90012/240.05 mi-2
£1,90012/240.05 mi-2
£1,70003/250.05 mi-2
£1,20012/240.24 miCheveley Court , Durham 2
£80009/240.24 mi-2
£70005/240.25 mi-2
£75012/240.25 miPickering Place, Durham, DH12
£82009/240.3 mi-2
£75009/230.3 mi-2
£95009/240.3 mi-2
£52503/230.3 mi-2
£65012/240.3 miBelmont Court - DH12
£88008/230.34 mi-2
£89012/240.37 mi-2
£85008/230.46 mi-2
£90007/240.46 mi-2
£90011/240.46 mi-2

Local Area Statistics

Population in DH1

49,938

Population in Durham

124,445

Town centre distance

2.07 miles away

Nearest school

0.10 miles away

Nearest train station

2.32 miles away

 

 

Rental demand

Balanced market

Rental growth (12m)

+5%

Sales demand

Balanced market

Capital growth (5yrs)

+10%

Property History

Listed for £109,950

-77%

August 7, 2024

Sold for £195,000

2008

Floor Plans

Description

  • 2 Bedroom First Floor Apartment +
  • Open Plan Living/Dining/ Kitchen +
  • Double Aspect Main Bedroom +
  • Allocated Parking +
  • No Chain +
  • Popular Location +

We are delighted to offer for sale, this tidy two bedroomed first floor apartment benefitting from gas fired central heating, double glazing and no onward chain.

Situated close to Cheveley Park shops it would appeal to a variety of purchasers. The property itself has accommodation comprising: communal entrance hallway, private hall accessed via a telephone entry com system, open plan living area/kitchen with integrated appliances, two bedrooms, one with wall of fitted wardrobes the other is double aspect with a square bay window, and a family bathroomroom. Externally there is allocated parking and further visitor parking.

Bishops Close is conveniently situated within walking distance of a good range of local neighbourhood shops, post office, library and doctors surgery, which are all available within the development itself. Belmont is conveniently situated for access to Durham City Centre which lies approximately 3 miles distant where there are more comprehensive shopping and recreational facilities and amenities available. It is also well placed for commuting purposes being just off the A(690) Durham to Sunderland Highway which also offers access to the A1(M) Motorway Interchange providing good road links to both North and South.

Tenure
1. Please note that this property is leasehold, the lease commencing for a period of 125 years less 1 day from June 2008.
2. There is a ground rent payable upon the property, which is currently £350.00 per annum. This is reviewed every 25 years, the next review taking place in 2033, where the rent will double.

Maintenance Charge
There is a maintenance service charge payable on the property at the cost of £262.00 per quarter.
Council Tax band - B.
Utilities: Mains gas, electricity, water (metered) and sewerage.
Mobile Phone Coverage: Limited coverage from O2, Vodafone, EE & Three.
Broadband Estimated speed:
Standard 3 Mbps
Superfast 63 Mbps
Flood Risk: Rivers & Seas - No Risk, Surface Water - Medium.

Agent Details

J W Wood, Durham City

0191 625 0838

Next Steps?

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