Why is this house so incredibly expensive?

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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'd say it's too far out for student accommodation, even though it's so close to Topsham station.

They'll be fishing a bit and may be prepared to drop but it's a combination of big plot of land right next to Topsham station. Plus, it's Topsham.

Exeter generally is lovely though. Not for everybody, but it can be a great place to live. Big enough city to have many facilities, lots going on, not so big as to be overwhelming. Relatively safe for a city too. And you can get into the countryside in minutes, with or without a car.

Ripe for redevelopment.

That's a horrific price. I live in quite a nice area, not super posh, but nice, middle class, and semi-rural Even in the more expensive parts of the county, this would only be about £325,000. Cheaper parts - would, be £225,000.

It's very dated and basic inside too. Not a single fraction of justification for that price. It's not even worth a quarter of £900,000 IMO.

I also cannot fathom WHY homes are so expensive in Exeter. What's so special about there? Purely my opinion, but I wouldn't move there if that house was £150,000. Just not somewhere that appeals to me at all. Meh.. Each to their own eh? But you'd have to have rocks in your head to pay £900,000 for a house like that. Totally not remotely worth it. Especially when you think how much more you could get for your money in other parts of the country - probably nicer areas too.

It's a NO from me.

It's in topsham - and expensive area!!

I'm used to London house prices so not much phases me but that seems incredible! You learn something new every day.

Because you can walk to the water, see the sea from the road, station close by but not close enough for disruption, it’s a large plot and Topsham is very expensive!!!!

If you’re open to other places in the Exeter area then Sidmouth is lovely. Much more sensibly priced housing, the beach and sea on your doorstep. Not as naice as Topsham but has several independent shops, nice places to eat and very much open year round with lots of full time residents. Topsham feels more holidaymaker and not so residential.

Ohh wow needs a whole upgrade , his that is 900K I will never know!

Topsham, big garden + parking + near the centre - it’s gold dust.

In Topsham plot size is everything! Most gardens are tiny even for large expensive houses.

Topsham is often rated one of the best places to live in the UK

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

@WonderingWanda Ohhhh .... I'd rather not start talking about my house search just at the moment. I might start a thread for that later, if I don't get anywhere. I'm going to Exeter for another recce next month.

@Magic0Magic Thank you for the good wishes!

I laughed honestly, when I saw the outside. Doesn't look great.
I am guessing there is a money tree in the garden!

But, really and truly, all jokes aside, its definitely not worth £900,000. I mean, its dated, and the gardens are not massive. The gardens are probably the best bit.
The fact its close to where the ferry comes and the train station might be a factor in the extortionate price.

It’s lovely. It has so much potential without knocking it down.

That's insane! And it makes me very glad I don't live in the UK any more. I have a beautiful modern 5 bedroomed house with a pool near the beach and it cost less than a third of that!

@MardyBra

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

My dear late mum would have said you'd got out of bed on the wrong side this morning.

Where are you based?

We love Exeter, it has flaws but overall a good place to live if you like a balance in life, if you want something specific then maybe not. Don't think it has the best of anything really. Topsham so so expensive and yes that's possible dream house, either full refurb or full remodel

You can get a new build in Bishop Auckland for £210,000
Just wow

To echo others, I grew up in Exeter, but this house is in Topsham, which is a whole different kettle of fish!

I also cannot fathom WHY homes are so expensive in Exeter. What's so special about there? Purely my opinion, but I wouldn't move there if that house was £150,000. Just not somewhere that appeals to me at all. Meh.. Each to their own eh?

Well, as you say, we're all different. I've lived in several different cities and lived rurally and Exeter was definitely one of the nicer places. The university and the Met office are major employers. There's an international airport and a fast trainline into London. Plus a slower, cheaper line. And the M5, for what that's worth. It's near the coast. Lot of art and heritage stuff going on. Amazing countryside. I don't think anything justifies most property prices in the UK at the moment, but Exeter is definitely a great place to live for many people.

People near retirement age go there on holiday, fall in love with the place and start fantasising about living there. I know because that’s exactly what we did with the Dales.

In the advert, they say that they anticipate a high level of interest so they are trying their luck to start with a high price first. Potentially, developer would have the money to buy the site an apply for planning permission replace it with a new dwelling.

I love that house! Now I wish I lived in the UK.
I love houses that have nooks and crannies in them.

If it had a huge garden which would provide another plot it might be that much but that doesn't seem to be the case

But they’ll need all of that to buy another place now, won’t they? It’s market prices. Even if downsizing to release some funds, they won’t be buying the next home at the prices of 30 years ago, so they won’t be sitting on 700% net profit.

Definitely not a typo. Sold prices on the same road are around the 900k mark! Looks like the prices have increased massively since 2019!