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

Its zone 2 isnt? Well either way its too much. Should be £700k-£800k max for that area

That would get you a two bedroom flat in Earlsfield. Not a freehold house between The Commons.

@housethatbuiltme

thank you for your reply.

interesting.

I think I need to do a Rightmove training module!! Everyone seems to find such interesting information! I need to look into the areas a bit better too as I currently don't have any idea how good/bad most of them are.

Shit off, no chance. It'd be £220k in the posh area and £90k in the rough area where I'm from.

What sort of people are buying these houses? Nurses, teachers, council workers aren't earning this kind of money?

It’s the price of living in the best city in the country! 😁

Lol you know there’s a lot more to the borough of wandsworth than that short bit round the one way system to get to the A3?!

No location is worth paying stupid money for.

It'd be worth 150k tops where I live and I'd buy it then! But it's in London and so it's going to be worth more! Would I pay £1m to live in London? No, because I don't want to live in the South and I like where I live but it irrelevant as that's what it costs to live there!

It's a truly grim house - but it's all about location location location.

Sadly looks about right for the area. No 45a is a tarted up version of the same type of house in this road for £1.6m
https://www.rightmove.co.uk/house-prices/sw11-6jr.html

Same. That is daylight robbery.

It sort of breaks my heart that the nation built these LA houses with the intention of providing good quality housing, with secure tenancy and affordable rent for workers and now they cost a million pounds. The money from right to buy didn't seem to get reinvested in housing properly.

Anyway I don't know that area, but round my way (in the south east) it would be about 550k so it doesn't seem to odd to pay more to be in london itself. Although it looks a bit shabby inside.

I’ve lived in SW London all my life. Believe me I know the joys of Wandsworth as well as I could possibly wish to.

Absolutely ridiculous and I live in London! Saying the house next door to me sold for the same price last year. It’s also not worth that

Funnily enough when I was creating this post, it was actually with the intention of discussing my opinion that the the Thatcher Right To Buy policy - which has been continued by all successive governments across the political spectrum - is one of the most short sighted policies and has been a contributor to the housing crisis experienced by so many people today and why we have families in temporary housing/hotels etc.
All of those houses on the Thurleigh end of Devereux Road, which were built post WW2 (I believe) to replaces the Victorian terraces that had been bombed in the war, were built to house council tenants. Most have now been sold off and are being resold at a handsome profit as demonstrated by both this property and the other next door which has been referenced above (sold for £1.6m). It's a shame for the reasons I mentioned above. Unstable housing must be one of the worst contributors to societal and community breakdown imo.

Good grief. Been looking at Rightmove since reading OP’s post. London prices are nothing short of insane. Who can afford them? (other than people who are cashing in on houses that they already own, obviously).

We’re in a very pleasant (EA says “desirable” 😁) town on the NW coast. Currently for sale, detached 4/5 (double) beds, 4 bathrooms/loos, 2 receptions, study, hall bigger than the sitting rooms in most modern houses and a 30ft plus dining kitchen. Edwardian house with two large gardens and gated electric parking and double garage on a beautiful, mature tree-lined street in a conservation area, 15 minutes walk from the sandy beach. 7 minute drive from motorway. £650K.

Yes, reads like an exaggerated ad! It isn’t, it’s real!

Look north, people! Winter is Coming 🤣

Yes let’s all move to the NW…. I mean it’s going to be quite a commute to work isn’t it??

I used to live in a 3 bed maisonette near Westbridge Road. Ex-council. Fuck knows how much that is worth now. No garden but 2 minutes walk to the bridge.

Plus all the house prices would rise...

And I think this is also a great deciding factor when you buy property in London. If the state schools are great then people will factor in the difference to their outgoings of what they'd save monthly by not going private, and also what zone they are in for commuter costs.

Add to that, the rarity of owning a whole property, and therefore avoiding any annual charges for a flat, not having to pay additional rent for a secure garage etc.

Then factor in a private garden which you can make safe and secure for your family, the ability to remodel your house as you please within reason, and the privacy of no shared spaces, no loud neighbours above and below. These are things which became a bugbear for me after 16 years in a flat in London, and that was without a family. So if a person or family in London can afford it, then most likely they'll jump at the potential for a better standard of living.

@MrsSkylerWhite aside from high earners you are correct, if people in London had bought earlier in their lives they'd have equity in existing property to reinvest.

I bought a 1 bed flat in South London in 1996 for 35k. At the time I earned 12k so I totally stretched to my maximum budget. Luckily they had a 5% cashback scheme at the time at Abbey National which gave me back my deposit after completion. As my salary went up with experience I could have easily paid the mortgage off earlier, and I'm not a ridiculously high earner.

On Zoopla it's now valued at 565k. So I'd have almost 50% to deposit on a 1 mill property. If I was similarly partnered, most likely they'd bring a pot of equity too.

The huge issue I hear from family living in London today is for first time buyers even trying to get on the property ladder. My flat was a first time buy for me, but now is priced right out of the possibility of the equivalent person looking today on an average salary even with London weighting.