2 Bed Flat, Single Let, Cramlington, NE23 2YP, £85,950

Otley Close, Cramlington, Northumberland, NE23 2YP - 4 months ago

Sold STC

Leasehold

BTL

ROI: 7%

~54 m²

+7 photos

ValuationOvervalued

Sold Prices	£40K - £125K
Sold Prices/m²	£756/m² - £2.3K/m²

Square Metres	~54 m²
Price/m²	£1.6K/m²
Value Estimate	£70,303£70,303

Cashflows

Cash In
Purchase Finance	MortgageMortgage
Deposit (25%)	£21,488£21,488
Stamp Duty & Legal Fees	£5,498£5,498
Total Cash In	£26,985£26,985

Cash Out
Rent Range	£520 - £875£520 - £875
Rent Estimate	£561
Running Costs/mo	£401£401
Cashflow/mo	£160£160
Cashflow/yr	£1,922£1,922
ROI	7%7%
Gross Yield	8%8%

Local Sold Prices

32 sold prices from £40K to £125K, average is £76.3K. £756/m² to £2.3K/m², average is £1.3K/m².

Price	Date	Distance	Address	Price/m²	m²	Beds	Type
£78K	02/21	0.04 mi	10, Otley Close, Cramlington, Northumberland NE23 2YP	£1,560	50	2	Flat
£56K	04/23	0.09 mi	30, Oxford Avenue, Eastfield Green, Cramlington, Northumberland NE23 2YL	-	-	2	Flat
£82K	08/22	0.17 mi	6, Huntingdon Drive, Cramlington, Northumberland NE23 2FA	£1,491	55	2	Flat
£74K	05/22	0.17 mi	10, Huntingdon Drive, Cramlington, Northumberland NE23 2FA	£1,298	57	2	Flat
£125K	03/23	0.18 mi	13, Hertford Grove, Cramlington, Northumberland NE23 2FL	£2,315	54	2	Flat
£74K	04/21	0.24 mi	12, Hickstead Grove, Cramlington, Northumberland NE23 2FF	£1,574	47	2	Flat
£85K	07/23	0.24 mi	6, Hickstead Grove, Cramlington, Northumberland NE23 2FF	£1,518	56	2	Flat
£70.5K	11/20	0.29 mi	7, Portland Gardens, Cramlington, Northumberland NE23 2QD	£1,306	54	2	Flat
£82.5K	04/21	0.37 mi	19, Poole Close, Cramlington, Northumberland NE23 2QB	£1,447	57	2	Flat
£112K	11/22	0.5 mi	11, East View Avenue, Cramlington, Northumberland NE23 1DY	£1,600	70	2	Flat
£95K	12/20	0.5 mi	16, East View Avenue, Cramlington, Northumberland NE23 1DY	£1,347	71	2	Flat
£90K	07/21	0.5 mi	5, East View Avenue, Cramlington, Northumberland NE23 1DY	£1,233	73	2	Flat
£100K	10/22	0.5 mi	16, East View Avenue, Cramlington, Northumberland NE23 1DY	£1,418	71	2	Flat
£79K	03/21	0.54 mi	23, Reigate Square, Cramlington, Northumberland NE23 1NW	£1,274	62	2	Flat
£60K	08/23	0.74 mi	29, Falmouth Walk, Cramlington, Northumberland NE23 1RU	£1,250	48	2	Flat
£77K	06/22	0.76 mi	3, Craigend, Cramlington, Northumberland NE23 6LF	£1,540	50	2	Flat
£40K	05/21	0.84 mi	101, Doxford Place, Cramlington, Northumberland NE23 6DX	£756	53	2	Flat
£89K	11/22	0.85 mi	37, Crofthead Drive, Cramlington, Northumberland NE23 6LG	£1,561	57	2	Flat
£77K	04/21	0.86 mi	1, Hastings Terrace, Shankhouse, Cramlington, Northumberland NE23 3JE	-	-	2	Flat
£46K	07/22	0.86 mi	32, Alexandra Way, Cramlington, Northumberland NE23 6EB	£836	55	2	Flat
£69K	05/22	0.87 mi	25, Alexandra Way, Cramlington, Northumberland NE23 6EA	£1,290	53	2	Flat
£73.5K	11/22	0.87 mi	45, Coomside, Cramlington, Northumberland NE23 6HW	£1,205	61	2	Flat
£49.5K	11/20	0.87 mi	28, Alexandra Way, Cramlington, Northumberland NE23 6EB	£917	54	2	Flat
£76K	11/20	0.88 mi	46, Whitelaw Place, Cramlington, Northumberland NE23 6HY	£1,118	68	2	Flat
£72K	10/21	0.89 mi	105, Cramond Way, Cramlington, Northumberland NE23 6LB	-	-	2	Flat
£60K	03/21	0.91 mi	4, Woodhill Road, Cramlington, Northumberland NE23 6JQ	£1,176	51	2	Flat
£54K	11/21	0.91 mi	10, Woodhill Road, Cramlington, Northumberland NE23 6JQ	£1,007	54	2	Flat
£95K	01/23	0.93 mi	18, Harwood Close, Cramlington, Northumberland NE23 6AN	£1,484	64	2	Flat
£64K	06/21	0.94 mi	7, Weetwood Road, Cramlington, Northumberland NE23 6HT	£1,208	53	2	Flat
£76.5K	11/21	0.94 mi	13, Weetwood Road, Cramlington, Northumberland NE23 6HT	£1,456	53	2	Flat
£62K	05/21	0.97 mi	21, Harwood Close, Cramlington, Northumberland NE23 6AW	£1,000	62	2	Flat
£113K	08/23	0.97 mi	31, Harwood Close, Cramlington, Northumberland NE23 6AW	£1,687	67	2	Flat

Local Rents

15 rents from £520/mo to £875/mo, average is £640/mo.

Rent	Date	Distance	Address	Beds	Type
£530	05/24	0.04 mi	-	2	Flat
£875	06/24	0.3 mi	Hazelmere Crescent, Cramlington, Northumberland, NE23	2	Detached House
£600	03/24	0.3 mi	-	2	Flat
£595	07/24	0.35 mi	Evergreen Court, High Pit Road, Cramlington, Northumberland, NE23	2	Flat
£725	06/24	0.38 mi	Drybeck Court, Cramlington, Northumberland, NE23	2	Terraced House
£640	05/24	0.41 mi	-	2	Semi-Detached House
£640	05/24	0.41 mi	-	2	Semi-Detached House
£695	07/24	0.5 mi	East View Avenue, Newcastle	2	Flat
£750	06/24	0.5 mi	Two Bedroom Semi Detached - Chipchase Avenue, Cramlington	2	Semi-Detached House
£750	07/24	0.5 mi	Two Bedroom Semi Detached - Chipchase Avenue, Cramlington	2	Semi-Detached House
£620	12/23	0.5 mi	-	2	Flat
£675	08/24	0.56 mi	-	2	Semi-Detached House
£520	12/23	0.56 mi	-	2	Flat
£580	08/24	0.56 mi	-	2	Flat
£700	05/24	0.59 mi	Coanwood Drive, Cramlington	2	Detached House

Local Area Statistics

Population in NE23	39,16239,162
Population in Cramlington	39,22639,226
Town centre distance	0.89 miles away0.89 miles away
Nearest school	0.40 miles away0.40 miles away
Nearest train station	1.19 miles away1.19 miles away

Rental demand	Tenant's marketTenant's market
Rental growth (12m)	-10%-10%
Sales demand	Seller's marketSeller's market
Capital growth (5yrs)	+31%+31%

Property History

Listed for £85,950

December 6, 2024

Floor Plans

Description

First Floor Flat +
Extended Lease Term +
Two Bedrooms +
Garage In Separate Block +
Convenient - A189 Spine Road +

We offer a pleasant first floor flat located on Otley Close in Cramlington. The property is well placed within the Eastfield Green development at Cramlington and offers great access to the A189 Road Link.

The home is presented well, briefly comprising: private entrance door into the hall and first floor accommodation, living room with picture window and storage, kitchen, bathroom and two bedrooms.

As well as having double glazing and gas central heating there is a single garage in a nearby block.

The home could offer someone a good first-time buy, down-size purchase or buy-to-let rental. We have verbally informed that the lease was extended in 2019 now offering 120 years.

Cramlington remains a popular choice for many due to its wealth of shops and amenities. It also has a train station providing speedy access into Newcastle City Centre.

To obtain further information, or to arrange an internal viewing please contact the local sales team.

Council Tax Band: A
Tenure: Leasehold
Length Of Lease: 120
Annual Ground Rent Amount: £223.00

Agent Details

Pattinson Estate Agents, Cramlington

01670 332737

Next Steps?

This deal was sourced from Rightmove. Contact the landlord/agent for a viewing now 💪

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