Who would pay nearly £2 mill for this house?

[EachandEveryone]

Well £1.7. I was just having my dreams of Belsize park when I saw this. Its exactly the same as the council house I was brought up in from the outside in the 1970s. No garden although it does look like a nice tidy little estate. Theres a lot of clutter I cant work out what type of people live there www.rightmove.co.uk/properties/110737514#/?channel=RES_BUY

It’s a spacious detached house with a garage, that automatically makes it well over a million in London. For this location the price doesn’t remotely surprise me.

It's also the case these days that the size specifications on new build estates are too small for the housing association houses, which have to be made larger than those that are to be sold on the open market.

Walking distance to Primrose Hill is a big draw.

But agree with PP, buying a Council house in the 90s then selling it for £2m... makes me sick.

That’s madness.

I’m another who is disgusted at the thought of people selling ex council houses for £2m. It’s so wrong.

Oh my !
And I thought Dublin was expensive.

@shouldbeworkingmore

Also interest rates were sky high at various times - I bought in 93 and 97

Property was still cheaper

And it still cost far more to service the debt. Anyone buying now won’t be paying back significantly more than they borrowed. I first bought in 91 and was paying around 17% interest. My mortgage payments were insane.

It depends on what mortgage terms they have & what interest rates do in the future. Currently the debt is cheaper but the cost of the debt is much higher.

My parents bought their London house in the 80s on an interest only mortgage for 60k. The same house would cost about 1.8m now.

How do you know it's an ex council house? I live near there and I didn't /don't know that!

It's in a good area. It's fairly spacious. (I agree, much more stylish than it would be if I lived there). I lived very close to there in the 90s and remember when those houses were £250k.

The second house you linked to nearby is in a much worse area, with terrible gangs and crime around it.

Goodness me that is an eye watering price!

[quote madroid]I would genuinely prefer this one
www.rightmove.co.uk/properties/111862229#/?channel=RES_BUY[/quote]
That’s a pretty problematic estate, and is a flat in a tower block, not a house

I think that whole tower is unmortgagable because of the construction materials so would be for cash buyers only, and that is reflected in the residents

There were some quite high profile killings there not that long ago

Great location, big rooms, off street parking and outdoor space. There’s a lot worse out there.

Is it actually on a hill ?

www.thisislocallondon.co.uk/news/19051800.maps-shows-parts-london-underwater-10-years/

Flat roofed council houses were built for economy.
I've never see an attractive one.

@Twizbe

Location location location.

It's north London, it's by the tube, it has outside space and a garage. I'm not massively surprised by the price

You can't be serious! Are you from London? Because north London really isn't that nice (I mean, just look at the street view for this place, depressing) and there's stations everywhere

There are gorgeous houses in west London going for a quarter the price with train links, everything this property this is and more- like a decent Garden and an exterior that isn't completely blegh

Thats insane.
This is the closest million pound one to me
www.propertypal.com/2c-maxwell-road-bangor/669233

I don't like it. It looks like a cheap prefab house that was thrown up post war.

[quote Cocolapew]Thats insane.
This is the closest million pound one to me
www.propertypal.com/2c-maxwell-road-bangor/669233[/quote]

Nah, much prefer the other one 😏

@pollypokcet, I'm from London - not living there at the moment - and that's not a totally mad price for the area it's in. Parts of North London are absolutely lovely, especially around the Heath and Primrose Hill is a sought after area which is why the price is so high.

Yes you can get more for your money in parts of West London but for whatever reason it's not as popular as the more expensive areas like Hampstead Heath, Chelsea, etc. Also, you can look at places in some parts of West London, closer to the centre and the prices are sky-high.

Ultimately, it's all about location. Yes, it's near the trains and if it wasn't you could probably add at least another couple of hundred thousand. If I had nearly two million in my pocket I doubt I'd buy this house but I can see why for some people it would be appealing.

I can’t understand the “location, location, location “ mantra for this one at all. The location really isn’t worth that much money.

I expect at some point people will come to their senses and realise that these small spaces are not worth spending millions on for the sake of location. If it’s the amenities then that is easily accessible by commuting from a nicer area with more attractive surroundings and more space for your money.

This rice is driven by people’s desire to be seen in the “right” postcode.

I would hate to be the wanna be next to the big houses in the next road that are truly worth millions. Strikes me as sad to pay millions for a small house just to live next to the big stuff across the road.

[quote IReallyLikeCrows]@pollypokcet, I'm from London - not living there at the moment - and that's not a totally mad price for the area it's in. Parts of North London are absolutely lovely, especially around the Heath and Primrose Hill is a sought after area which is why the price is so high.

Yes you can get more for your money in parts of West London but for whatever reason it's not as popular as the more expensive areas like Hampstead Heath, Chelsea, etc. Also, you can look at places in some parts of West London, closer to the centre and the prices are sky-high.

Ultimately, it's all about location. Yes, it's near the trains and if it wasn't you could probably add at least another couple of hundred thousand. If I had nearly two million in my pocket I doubt I'd buy this house but I can see why for some people it would be appealing.[/quote]
Genuine puzzlement so would be grateful for your insight. Why is it a sought after area? Is it the schools, view, amenities or is it just sought after to be able to say one lives in a sought after area (even if the house itself isn’t worth the price paid)?

Because north London really isn't that nice

It’s bloody Hampstead, ffs. One of the most prestigious addresses in London.

This is my closet million pound (plus) house for sale.

www.zoopla.co.uk/for-sale/details/58281892/

I know which one I would prefer 🙂

@pollypokcet where in London can you get a gorgeous house with excellent transport links and a garden

It's shit hole

Wow, that's some hefty price tag. I had to look quite far afield for a similarly priced property in our region: www.rightmove.co.uk/properties/108008693

What you get for your money in London seems so poor.