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Normanby Rise, Claxby, Market Rasen

East Midlands

£390,000
Listed on 02/11/2025

Property Details

Bedrooms
3
Type
Detached house
Area
1501 sqft

Description

This detached bungalow presents an opportunity for transformation, set within approximately 1.39 acres of land (subject to survey). The property features three generously-sized double bedrooms and offers ample space, both inside and out. With its position set back from the road, you’ll enjoy a degree of privacy alongside open views that enhance the tranquil atmosphere. Nestled in the quaint village of Claxby, this location is strategically situated between the market towns of Caistor and Market Rasen. Residents benefit from the idyllic rural environment while having essential amenities just a short drive away. The surrounding area is part of the Lincolnshire Wolds, renowned for its stunning landscapes and excellent walking trails—perfect for outdoor enthusiasts. The property boasts a spacious layout that includes a welcoming entrance hall, a sizable lounge with dual aspect windows, a dining room with ample natural light, and a kitchen equipped with basic appliances and good storage options. There’s also a utility room accessible from outside, providing added convenience. While the interiors would greatly benefit from modernization, this allows prospective buyers the chance to redesign according to their own taste. Externally, you'll find extensive grounds that feature established gardens and a paddock area—ideal for those with equestrian interests or who simply desire more outdoor space. The large driveway accommodates multiple vehicles and leads through to inviting garden areas at both the front and rear. For investors or those looking to renovate, there's significant potential here—not only in updating the living spaces but also in exploring further development possibilities on the land. An overage clause is included in the sale, entitling the current owner to 15% of any increased value resulting from future planning permissions granted within ten years. Overall, this property stands as a promising canvas for customization in a beautiful rural setting, combining comfort with investment potential for prospective owners or developers.

Investment Analysis

(LN8 area)

Above Market Value

This property is priced +17.1% above area average per sq ft

+17.1%
This Property
£260/sq ft
Area Average
£222/sq ft
Avg Rent (weekly)
£222
Avg Yield
4.0%

Renovation Potential

Medium Refurb
Est. Renovation Cost
£30,000 - £50,000
Target Value
£366,379
10% above area average per sq ft
Potential ROI
-16.7%
After renovation
Note: Renovation cost estimates are AI-generated based on property location and general characteristics, and may not reflect actual costs.
Monthly Sales
15
Average per month
Market Turnover
6%
Properties sold annually

Local Market Trend (LN8)

Area prices are falling by +13.8% over the last 12 months
3 year growth: -4.3%
5 year growth: 11.1%
Investment Disclaimer: Analysis based on LN8 area averages and may not reflect property-specific factors like condition, exact location, or unique features. Any renovation cost estimates provided are AI-generated and should be considered indicative only. Renovation costs vary significantly based on property condition and scope of work. Always conduct professional surveys and get multiple quotes before making investment decisions.

Location

Normanby Rise, Claxby, Market Rasen
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Mortgage Calculator

£
£
£
%
%
years

Current average 2-year fixed rate is 4.19%

Current average variable rate is 6.78%

Monthly Repayments
£1,429
Based on a loan of £292,500 over 30 years at 4.19% interest

These results are estimates and are only intended as a guide. Make sure you obtain accurate figures from your lender before committing to any mortgage. Your home may be repossessed if you do not keep up repayments on a mortgage.

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE