Why is this house so incredibly expensive?

[Time40]

I've been looking at property in Exeter for a while, and this one is way out of line with everything else available. It's the best part of a million quid. What's going on here? Just why? And why would an estate agent let a seller put a house on the market at a massively inflated price?

https://www.zoopla.co.uk/for-sale/details/57386818/?search_identifier=6c6442577dc0cc117836ea784e0d165c050c475d612f785f24bc04c905268bed

Some areas are nicer than others. Pennsylvania, the roads running along the river. The area around Wonford Road is very smart - and expensive. Any of the villages around Exeter. Topsham is next to the river, lots of boats, so that might go some way to explaining the price. Having said that it, it is really dated, an elderly person's house.

I live quite near and Topsham is very popular but even so. I think this property has been on the market for a while, maybe with a different agent. Totally over priced!

PS and exeter etc is a fab place to live

Surely a house is worth what someone pays for it?

I live in Topsham. Prices are sky high here. That house is in a nice road (quite a distance from the river and up a hill, so really no flood risk). The price might reflect the option to knock it down and build a dream home, but it might be in the conservation area, in which case it's just a whopping price!

Regarding your search for a location, we've been here for 30 years - came to uni in Exeter and never left - it's a great place to live. Topsham has a really great community feel. Tons of stuff going on for all ages. Open air community-owned swimming pool, good primary school (my son went there) and good choice of secondary schools in Exeter. You're at the end of the M5, Topsham has a half-hourly train service. You can be in London in about 2.5hrs, or on the beach in 15 mins. Fore Street has lovely independent shops and plenty of places to eat and drink. Every other year we do Topsham's Longest Table, where tables are set up the entire length of the main street and most of the town bring their own food and drink and have a brilliant boozy feast. There's live music on the quay in the summer, an active film society at Matthews Hall (town hall), Charter Day fayre in August and Christmas lights switch on. Loads of book clubs, if that's your thing, pilates/yoga and all that at two specialist venues, paddle boarding and sailing on the river, and six pubs including The Bridge Inn (world's most authentic pub, imo!).

Sure, there are other lovely places to live in the UK (with cheaper housing), but Topsham's pretty special. I hope you find your perfect home 🙂 x

I don't even like it. It has a dreadful bathroom needs a new kitchen too. Topsham is outside of Exeter and is a more expensive area than Exeter itself.

Location? I don't know the area. That would be around 350k where I live.

Crikey.

£900k for a fixer upper?

Can't be true

Bloody hell, looking at these insane prices makes me pleased I live up North 😱😱😱😱

It's very dated and will need a lot of work done - I'm baffled by the price!

@Nutterjacks , location, house foot-print and plot-size. Buy the house and extend/re-model. Decor pretty much immaterial.

My thought exactly! I can see that it's an expensive area as everybody has said - but if 4 beds are going for 850, a 3 bed do-upper isn't selling for 900.

This has a big garden and a garage though which in central Topsham is gold dust.

You could rebuild a two story house with a basement, maintain a front and back garden + garage and sell for £2 million+. I hope it doesn’t go to a developer who would try to squeeze 2 houses with tiddly gardens.

Yup.

Assuming the footprint is as generous as it looks, it should be straightforward to change it from a dormer and 'george clarke' it.

I would say that is in a desirable area. Right by a lovely park, easy walk to King’s College hospital, big garden, garage and off street parking.

Crazy price, for sure. But I bet they do get a lot for it.

This

It isn’t even nice, outdated, ugly on the outside.

It’s in Topsham, not Exeter and Topsham is right on the River Exe. It’s detached, has land . Topsham is beautiful and properties are expensive there.

We looked at Exeter a few years ago, maybe 6 years and thought it was sort of affordable and comparative to where we now live in the Midlands. Now it is nearly twice the price comparative to our town and almost nothing for sale. Where we are has gone up in price by circa 20% not taking into account the real, lower actual selling price.

It's under offer though?!

Nice area or not, I wouldn't pay half for that.
Nothing special about it at all.

There's many places on London where you'd get much nicer than that for much less.

Currently 'Sold Subject to Contract' at the asking price.
https://www.zoopla.co.uk/for-sale/details/63593964/?search_identifier=88efadab0a7d71aacd3732d5b9620956da42c15c3f762bc91f46d908222d1c97