Auction Watch

Lot 511 Savills Tue 24 Nov Guide £100,000+

Savills auction lot50 Austen Close, Thamesmead, London, SE28 8AZ

1 bed flat (SE28 8AZ), for sale by auction with Savills on 24 November 2026, lot 511. Guide £100,000+.

Finance view and instant termsGet the free reportStreet View ↗

Finance view

Strong

Most bridging lenders would look at this lot. The loan that fits: Heavy refurbishment, as this is the lot is described as needing work.

Likely loan
Up to 70% of the pricePlus up to 100% of the works
On the expected hammer
About £81,000The guide plus 15%; Savills lots have sold at +22% on the guide (median of 248)
Example rate
0.9% to 1.15% a monthArrangement fee about 2%

In its favour

  • Inside the M25 (Greenwich): the area lenders know best
  • 990 years left on the lease
  • Sold vacant

If you let it

Typical rent about £1,564 a month, a gross yield of 16.3% on the expected hammer. The rent supports a 75% buy-to-let mortgage (up to about £273,000), so refinancing out of a bridge works on these figures. A yield this high usually means a reason for the low guide (the lease, a tenancy, the building or its condition): read the legal pack before you rely on it.

ONS average for a 1-bed home in Greenwich, Sept 2026. Refinance test: rent covers the interest 125% at a 5.5% stress rate, as lenders test a limited company; personal borrowers are often tested harder.

What a lender will ask you for on a heavy refurbishment
  • Photo ID and proof of address
  • Proof of your deposit and where it came from
  • The legal pack, read by your solicitor before you bid
  • Your exit plan: sale or refinance, with evidence (comparables, or a mortgage in principle)
  • The lease, with the ground rent and service charge
  • A schedule of works with costs
  • A builder's quote
  • A structural engineer's report if the works are structural
  • A valuation, which the lender instructs
Get instant terms on this lot

We have access to lending of up to 75% of the purchase price, with up to 100% of the build cost. Tell us about the lot and we can put you in touch. Ratings and figures are a guide from the published facts, not an offer of finance or advice. Stations from NaPTAN.

Closest comparables

The nearest sales of homes like this one in the last two years, from HM Land Registry, graded the way a lender reads them. 60 similar sales within 1.5 km.

  1. Moderate £117,000 Nov 2025

    31 Nassau Path, London, SE28 8AN (flat)

    The same kind of home, 258 m away, sold 12 months ago.

  2. Moderate £185,000 Nov 2025

    44 Celandine Drive, London, SE28 8EP (flat)

    The same kind of home, 259 m away, sold 12 months ago.

  3. Moderate £191,000 Nov 2025

    30 Hampstead Close, London, SE28 8EL (flat)

    The same kind of home, 302 m away, sold 12 months ago.

On the market now

Asking prices for 1-bed flats in SE28 on the property portals: their listings, opened in a new tab.

Rightmove ↗Zoopla ↗OnTheMarket ↗

Also at auction nearby

Sold prices: HM Land Registry Price Paid data, Crown copyright, Open Government Licence. Floor areas: the EPC register. Contains OS data © Crown copyright (Code-Point Open).

Lot details

Auction
SavillsTue 24 Nov, lot 511
Guide price
Guide £100,000+Expected hammer is usually higher
Property
1 bed flat | Leasehold
Tenure
Leasehold990 years left on the lease
Occupancy
Vacant
Floor area
506 sq ftConfirmed from the EPC
EPC rating
CFrom the EPC register

Auction finance snapshot

25% deposit required
£25,000
75% estimated bridging loan
£75,000

On the guide price. Lots usually sell above the guide: at the expected hammer (1.15× guide) the deposit would be £28,750. Stamp duty, the buyer's fee, legal costs and the lender's fees come on top. Illustrative only, not an offer of finance.

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The report on this lot: free

  • Deal grade, A to E, with the working
  • Maximum bid on the refurb and the conversion route
  • Value after works and build cost
  • Profit at every hammer price, and a stress test
  • Sold comparables matched to floor areas
  • The legal pack: what it says and what to check

Prepared for this lot and emailed to you. Free, guidance not advice.

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Listing and legal pack on Savills' site ↗

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