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

Put it this way, if I had £1 million to buy a home, I wouldn't be buying that house.

If I had a million pounds, I would not choose to live there. Everything is so unattractive about the house, including the road that it's on.

It’s only that price because of the location. Over 1000 sq feet in that location would cost a lot regardless of what the house is like.

For that price, I’d want a house I could actually live in. I wouldn’t pay that money for the Furzedown one either.

Another house in that road, like this but with an extension and loft conversion (based on same original footprint from the looks of the floor plans), in good nick, sold last year for £2.5million. So buy this for £1million, spend £500k extending etc, and trouser a £1m profit!

That's ridiculous. You would get 5 bedrooms and a swimming pool for that price where I live.

Acknowledging reality isn't "saying anything to defend". Do you think we like this state of affairs?! We don't!

It’s not a nice house obviously but that area is lovely and the state schools are rated highly and very sought after.

Which is why I said depending in the location…

This is my area too.

I wouldn't pay that much for it but if it were my house now I'd certainly ask that much, and I have no doubt they will get something in that ballpark. It's a freehold house with a garden in an expensive area.

Not sure it's one for a developer as there isn't much headroom on the price (and this is true in many areas of London- there's not a huge difference between the price for something that needs a full renovation and something that doesn't) but I imagine a couple planning a small family will do it up to live in and feel they've had a relative bargain.

No. Obviously. Someone is chancing their arm.

But it’s a developer who will buy it, not a person who plans to live in it. It is priced for developers.

A developer will be able to turn that property around quickly and cheaply and make a tidy return by either letting it out to professional sharers at £1,500pcm per bedroom or selling it to a family who wants be within catchment of the local outstanding primary.

Oh that horrible red carpet.

I'm afraid that's London prices for you. My ILs 2 bed house in Wandsworth sold for £1.6m, although it was a lot nicer than this one, and had off road parking and a big garden.

I live in SW11. Shocking though it is, that's a reasonable price for that house on that street based on the current market and it won't be on the market for long. Totally depressing that property is that much but there you are.

London prices are madness.

That house would go for £100k in my town.

It's crazy. A house like that would only be worth around £115k in my city. It really is just the location you are paying for.

None of these properties are "worth it" to me, but I'd rather have this one than a Victorian terrace

That would be aprox 200,000 where I live max. Thats a shocking crazy price, 1 million for that?

It does seem a bit silly to attack OP for market forces. Is this house, where it is located, good value compared with other similar houses?

It's the location. The house has lots of issues, and clear signs of damp, but it's the location is highly sort after, so I doubt it will be on the market for long.

Genuinely doesn’t seem overpriced to me at all! My house is worth about that and while it’s a bit bigger as it’s extended but it’s a semi with no drive and a courtyard garden. And in a less desirable area really although still pretty bouji.

I could buy that house for under 100k here.

The price reflects the location

Council tax bands were decided over 30 years ago though, and even then it was dependent on what part of the country you were in, not the exact price of your house.

I think the worlds gone mad. I get the fact that location is important but seriously.. how have we ended up in a situation where a perfectly ordinary, average family house that this is worth a million quid? Nuts.