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

Location, location, location.

Jeeeeeesus....it's full of mould! I live in a pretty pricey area on the south coast and this would be 350k max where I am. Absolutely bananas.

It's a lovely area of London. Considering I paid about £600 / month for a studio (literally one room) 25 years ago, £1million doesn't seem too bad!

That's similar to my house which is worth about £250,000. However I don't live in London any more and prices like that are why!

Excellent location without any doubt. But it is still ex local authority and a two bedroom with potential to make 3. It's overpriced for the size and condition of the house. In this market that is going to take serious money to modernise and get it to a comfortable 3 bedroom property.

I don't think they will achieve that price, but they will get something around high end £800k to £900k. I think you also have to be careful with that style of property with the purchase price and renovation costs that you don't exceed the ceiling price as it's not the attractive victorian property that could be purchased elsewhere. For instance just move a bit down the road to Earlsfield and you will get a fabulous 3 or 4 bedroom Victorian property all done up for £1.3 to £1.4.

Never in a million years!!

The house next door (other half of the semi) went for £1.625m last year after a massive refurb and extension (see my post above yours). I expect a developer will do the same to this one.

I wouldn't pay that for an extended semi, but clearly some people do in that part of London.

It's the location, and very close to what I think was considered a very good primary school.

Yes I see what you mean about the house next door having looked it up!

But it would be interesting to know when the house next door did that utterly enormous extension and renovation work as the cost to do that at today's rates will be higher.

Also you have to sooooo want to live between the commons and accept that you can't afford the attractive Victorian properties to buy the ex local authority at £1.6m. Because at the £1.6m price bracket you have a wealth of possibilities in other immediate local areas - much more attractive style of house for the same budget just not necessarily between the commons. The parking is also a nightmare.

Which proves my point even more. 30+ years ago, despite being just a '2 bed' it was still deemed expensive enough to be in the upper half of council tax bands.
A grotty studio flat in London costs about 300K, this is only about 3 times that. So is it surprising that this so expensive? Historically it has always been treated as a high end property, expensive enough compared to the rest , to be put in the higher band.
Why? I don't know
But that's how it is

SW11 is insane - an admittedly nice 3bed terrace was a prize on Omaze and valued at £5m. Crackers house values in that postcode.

"Between the Commons" is hugely sought after. I am "Behind the Common" - still silly money but less silly than this!

@selfesteemfan

in London 'a few miles' is the difference between Buckingham palace & Hackney

Yes, and...

@Getonwitit where is 'here' (roughly)

but the thing is, it doesn't matter what you could get it gir, anywhere else (£550 here SE, between Reading & Basingstoke) it's in our much sought after capital city, walking distance to cafes & commons etc

...and what has where you live got anything to do with it if you're not comparing prices?

i suppose that you are paying for the area but its a grotty house not really up to current standards I suppose done properly with planning permission etc that attic could make a nice extra bathroom but kitchen and bathroom are basic

@housethatbuiltme

where abouts in the NE could I still buy a house under £100k?

Look at the link to next door to it. It's nice!! Sold £1.6m

Well I'm not telling you where I live but it's about 3 miles east from there and my brother sells houses, has done for over 30 years but yeh I know nothing.

Btw, Hackney is well over 10miles form there.

Pretty much everywhere.

There is 3,385 currently listed on Rightmove under £100k (and it famously the worst month for house listing) in the north east (between Darlington and Alnwick) and that doesn't include the top half of Northumberland.

You would struggle to find many 2 up 2 down non new builds in old pit towns worth over £100k definitely none anywhere near £1m.

Hackney is not well over 10 miles from SW11.

Lol, which one, Wandsworth or Clapham? I’m thinking the latter because if it were Wandsworth, you’d be in Toast Rack territory and you can’t get a house there any more for less than about £5m.

Partly because they’re very big houses.

"Located on one of the most sought-after roads between the commons is this expansive two-bedroom freehold house"

I wonder if 'expansive' is a typo for 'expensive'? I wouldn't call it an 'expansive' house. But clearly what you are paying for is the land it's on - the house is nothing special at all.