Mitcham Road, Croydon

This two-bedroom terraced house presents an interesting opportunity for buyers looking to invest in a property that requires renovation. Priced at £300,000, the asking price is positioned below the local average, making it a reasonable entry point for those willing to undertake a project. With a guide price of £416/sqf compared to the local average of £439/sqf, there is potential value to be unlocked here, despite the overall economics appearing tight when factoring in renovation costs.

The property is dated throughout, showcasing worn carpets in the living areas and a need for modernization in the bedrooms. The kitchen and bathroom also reflect an older style that lacks contemporary appeal. However, these areas offer a blank canvas for creativity and improvement. The garden, while currently overgrown, presents an opportunity to create an inviting outdoor space. With no onward chain, the purchase process is simplified, which is an added advantage for prospective buyers looking to make this house their home.

Renovation economics are a softer point: adding an estimated £60,000 to the asking price takes total commitment towards £360,000 — around 12% above what similar-sized stock commands locally today. Enough to keep renovation economics in the "could be tighter" band.