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Melvin Road, Penge, London SE20

London

£255,000

Listed on 29/06/2026

Property details

Bedrooms
2
Type
Flat
Area
663 sqft

Description

Presenting a two-bedroom flat located on the top floor of a low-rise block, this property offers significant potential for modernisation. The space is both bright and roomy, featuring two well-proportioned bedrooms and a large lounge that stretches over 19 feet long, providing ample room for renovations. The kitchen, with its generous layout and cupboard space, is ready for an update, while the bathroom includes a basic three-piece suite that could benefit from refurbishment. Outside, residents can enjoy a communal lawn area, which adds to the property's charm and peaceful ambiance amidst its bustling surroundings. With a lengthy lease and minimal service charges, this flat stands as an affordable opportunity for those looking to create their ideal home or investment in a vibrant London location. Positioned near popular amenities such as shops, cafes, and transport options connecting you to Central London and beyond, this property is offered without a chain — making it an excellent blank canvas for your renovation project.

Investment analysis

(SE20 area)

Below Market Value

This property is priced -29.6% below area average per sq ft

-29.6%
Potential saving
This Property
£385/sq ft
Area Average
£546/sq ft
Avg Rent (weekly)
£378
Avg Yield
5.4%

Renovation Potential

Medium Refurb
Est. Renovation Cost
£15,000 - £30,000
Target Value
£398,490
10% above area average per sq ft
Potential ROI
+39.8%
After renovation
Note: Renovation cost estimates are AI-generated based on property location and general characteristics, and may not reflect actual costs.
Monthly Sales
18
Average per month
Market Turnover
8%
Properties sold annually

Local Market Trend (SE20)

Area prices are stable by +0.6% over the last 12 months
3 year growth: +5.0%
5 year growth: +3.4%
Investment Disclaimer: Analysis based on SE20 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

Melvin Road, Penge, London SE20
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Mortgage calculator

£
£
£
%
%
years

Current average 2-year fixed rate is 4.45%

Current average variable rate is 6.60%

Monthly Repayments
£963
Based on a loan of £191,250 over 30 years at 4.45% 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.

Stamp duty calculator

Price History

-10.5% since listed
£255,000£30,000(-10.5%)
25/04/2026
Current price
£285,000Initial listing
28/03/2026

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