Do you think this house is worth £1m?

[Lolaandbehold]

I know a house is worth what someone is willing to pay but here is one ex local authority house that has just come on the market in an area I am familiar with. 2 bedrooms, 900 square feet of actual living space, (although they're trying to flog it as 1100 or even 1400) which is on a par with the price of LA mansions (in terms of price per square foot) and not hugely far off New York real estate. Seems bonkers. And it hasn't even been renovated!

Admittedly it is a very nice road in a fashionable part of London and the road also has some lovely Victorian double fronted properties which can sell at over £3m. But I doubt any council tenant would be able to buy that house now.

https://www.rightmove.co.uk/properties/151326137#/?channel=RESBUY

The other half of the semi sold for £1.6m a year ago, by the look of it: https://www.rightmove.co.uk/house-prices/details/england-135879797-18895678?s=bb86a9a23a5c2ba0d8e1b3ede3a82030072065dc70cb67580f8ed8a38d760215#/

Obviously that was massively extended and renovated, but I guess that whoever is selling the one on the market now reckons that someone else will be willing to spend half a million and end up with one like the house next door.

You're right, it is indeed infill however all the houses on the Thurleigh Road end of Devereux Road were built by the council. Some are still council but a lot of them have now been sold off privately.

I'm not sure there's huge profit for someone to renovate and do up if the asking price is £1m.
You might get £1.3/£1.4m but you'd need to spend at least £250k for that and building costs in London are extortionate at the moment.
So I can't see it being desirable to a developer.
You might get someone who can't quite afford the adjacent Victorian houses which sell for anything between £1.5-£2.2m for a bog standard terrace (undone at the lower end and with renovated with half basement at the upper end of that scale) or £3m+ for the double fronters.

It would be the same price in Wimbledon or Richmond, possibly more depending on location.

Generally Richmond and Wimbledon are more expensive than Clapham.

I wouldn't pay £150,000. It is unappealing in every way.

which is on a par with the price of LA mansions (in terms of price per square foot) and not hugely far off New York real estate.

LA property is actually cheaper/sq foot than London.

No but someone will. It is SW London!

They should not be counting loft storage doubt is has permissions

Depends which part of Wimbledon. I live near there. If you are talking about the Village, then I would agree but past the centre and out towards the direction of South Wimbledon / Haydons Road etc, I think something like this would not be £1m yet.

Location location location, it might sell for 1M or slightly and I mean slightly under. All fixing up looks cosmetic and quick.

It would be around £200,000 here. It's ridiculous that a very average family home can cost a million in some places though. It's bonkers and should never have been allowed to happen.

Of course it’s that much it’s between the commons.

It's quite pricey, but probably right for the area as long as there are no structural issues. If you go closer to Balham you can get a four bed a few minutes from the tube for that. If you are really into renovation and do the refurb well, it will be worthwhile.

Jesus at least recarpet! Even then...£1m??

No but I will likely never see £1m in my entire life, I would want a mansion for that price.

Where I live in the north east that house would be £45-£75k.

I don’t care for it personally.

if I wanted location and 2 beds this would be more my jam
https://www.rightmove.co.uk/properties/150525812#/?channel=RESBUY

throw 50k at it and pocket the other 150k or smash it up the wall on holidays and good times.

as it is our home in London cost the same as this but is a 5 bed within catchment for excellent state primary and secondary’s
the commute time difference is 5mins more to my office and 10min to Dh vs the sw11 house so on that basis it’s not really got a good value prop

I live in London but I would look at my £1m a long time before I bought that house.
It's not remotely attractive and has a very small garden. In a number of parts of London it would be half that price.

I voted that I would pay for this house. I wouldn't, but I can absolutely see someone buying this at this price. Nice big reception room; officially two bed but you have all that space in the roof. It's very central to have your own front door and a garden front and back.
Of course it seems crazy if you are outside of London

This

Huh? Who's "defending" anything? It's simple market forces. If the sensible rest of the country want a house in Battersea, that's the sort of price they will have to pay, full stop.

I would look at that and think they'd put an extra couple of £00s on by mistake!!!

The price is for the location, and it is a bargain for the area.

It’s Clapham and a desirable area.

Leave the refurb, do actually people want to live in this area and if yes, they still will pay for it

Indeed. The house is not worth £1M, the land is.

In my (much less posh) London suburb, two larger detached houses of similar condition with massive gardens sold for £2.3m. They were demolished and a developer is building a block of 16 flats on the plot.