What the area trades at, where you buy into it, and where you sell out of it. Set the range for the kind of property you are actually looking at — a 28,000 sq ft commercial block and an 8,000 sq ft heritage house trade in completely different bands.
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UK private residential, period stock only — Georgian, Regency, Victorian and Edwardian houses and townhouses. No new-build blocks, no volume housing.
| Market | Range | Bottom | Top | Spread | Works it pays for | Refurb costs | Verdict | Basis |
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The other half of the trade, and the column above measures against it. Every pound of renovation is unlevered cash, so it has to earn two pounds of sale price back before it has paid for itself — which is why the spread pays and the works so often do not.
| Standard-spec refurbishment | £130–£190 / sq ft |
| Full range, basic to high spec | £111–£260 / sq ft |
| London & the South East | +15% to +40% on those rates |
| New build and extensions | rarely under £200 / sq ft |
So in a market with a £400/sq ft spread, a £190/sq ft refurbishment leaves roughly £210/sq ft before fees, finance and stamp duty. That is the real test of a row below.
Regional averages across all stock, for scale. Period houses sit well above these.
| London | £450–£690 / sq ft |
| South East | £340–£400 / sq ft |
| North West | £170–£210 / sq ft |
| Yorkshire | £160–£195 / sq ft |
| North East | £115–£155 / sq ft |
Nationally, unmodernised homes list about 7.5% below the average — roughly £345,000 against £373,000. That is across all stock and is the discount the wide-spread thesis has to beat: in ordinary housing there is almost nothing in it.
| Year | Dates | Projects started | Running at year end | Capital deployed | Profit realised | Cumulative | Each project makes |
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A 100% return means profit on a project equals the equity you put in. So the target does not set the pace — these do.
Cash in and cash back for each property. Fill these in as things happen — everything above the fold on this page is driven by them.
| Property | Status | Cash in | Cash back | Net |
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Everything that leaves your hands on the left, what comes back on the right. The gap is the profit.
| Address / property | Sq ft | Sale price | Date | Miles | Price / unit | Match |
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One row per sale. Columns: address, sq ft, price, date (YYYY-MM or YYYY-MM-DD), distance in miles. A header row is fine.
Honey Properties · everything is an assumption, nothing here is advice.
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