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

I wonder if they're angling to sell to a builder who will knock it down and put up more Student Accommodation (which is 90% of Exeter and environs right now). A builder will sell on to a landlord, and a block of student flats will make so much money...

It’s like people can actually help when they were born.

This ⬆️

It’s a development waiting to happen. At least two houses on the one plot, or low rise luxury apartments.

I live oooop north in a "naice" area. Think leafy suburb of a small town with good schools etc etc. My three bed detached house with garage, two reception rooms, utility room and large front and back garden is worth around £312000 according to our bank with whom we have just remortgaged.

House prices in some parts of the country are absolutely baffling. My house is far nicer than that one!

Probably diamonds buried in the garden, I would buy it quickly and get digging

It is high, even for Topsham, for what it is. It looks like probate sale and so they've whacked it on for maximum. Property prices don't seem to be falling around this area at the moment and there are a few probably sales near me that have been on for over a year at stupidly inflated prices. The problem for people who live here is there will eventually be someone from a higher wage area willing to pay the ridiculous prices. Also as someone said that property is ripe for a bit of redevelopment in it's in Topsham proper not underneath the motorway where all the new builds have been put.

What's your budget op and what are you looking for?

Topsham is absolutely lovely - if you can ignore the M5 thundering over the river.

Exactly this. Topsham is where the rich people live.

The house seems to havequite a large footprint when you look on the satellite image so that would help if a developer bought it. They potentially could build something quite substantial without needing to go much outside the original footprint.

Once a house in the street goes for a huge sum, because a buyer got talked into it, every seller will be pushing for the same result.

It's ridiculous, but for some people an extra 100K is small change, if they want a house they want it, and then that becomes the price guide for the area - guide being the operative word, ultimately the market will set the price but a lot of people have money to burn and will be talked into overpaying by a skilful agent.

Because its Topsham not Exeter, even small 2 beds can be £450,000 with courtyard gardens.

Occasionally age is relevant, my neighbour and the house in Topsham are owned by people that probably spent a lot of money on them in 1985 and although now clean & tidy, peaked at that moment.
It's not a 30 something hipster make over sale or a quick builder flip or a footballer on hard times sale.
Worlds collide when aged 1980s make over wants ensuite, home office, Chelsea show garden hipster money.

An executor with unrealistic expectations?

That's going by the photos where it looks to me like older people lived there

Like others have said topsham isn't actually exeter it is a neighbouring village. Its always been more expensive then exeter itself.

Exeter and the surrounding villages have gone up massively in price over the past few years. With the increase in working from home exeter is a good base as you can still get trains to London in a couple of hours but get alot more for your money. With that areas like topsham have become even more hipster/ expensive

It's mad you can get this for basically the same price:

https://www.zoopla.co.uk/for-sale/details/64701740/?search_identifier=6c6442577dc0cc117836ea784e0d165c050c475d612f785f24bc04c905268bed

I think it's probably a combination of (1) area (2) decent plot/ house foot print so good chances of planning for a compelte rebuild/ remodel and (3) optimistic executor pricing.

Don't forget it is also the start of the tourist season...so lots more houses go on the market and also the prices go up a bit too. (As advised to us by several estate agents when we were selling- we are in Devon)

I looked at the Google maps images - the garden is large and all surrounding houses seem to have been massively extended so maybe the price is supposed to reflect the potential and location.

Why? Are tourists likely to buy houses?

It’s address is Topsham. Say no more!
There are many many houses being upgraded at the moment in that area, so I think it’s looking at its potential more. If it was modernised inside and out, it would easily fetch over a million due to its location (in my humble opinion - am not an estate agent just a very nosey Parker on Rightmove).
Like Kirstie and Phil say - it’s all about the location!

It will be because it's in Topsham not Exeter... Topsham is v sort after and posh!
Exeter is lovely though, we're about an hour away and it's our closest city. I used to live in Exmouth which is also v nice, I'd happily live in Exeter!

Echoing everyone else local - Topsham is expensive! Especially if property comes with parking, which is in issue.

Good luck with the move @Time40 , Exeter is a lovely city to live in.

Agreed. It's offensive.

Why don’t you just contact the estate agent? Much quicker than wasting everyone’s time speculating on Mumsnet.