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

It’s a different house on the same road.

@Moveoverdarlin drastically misread your post, ignore me I’m an idiot, sorry!

It’s in a super popular area & is ripe for development. Prices in Topsham have soared over the last few years & this is no surprise. In 18 months it will be a new build, glass box home with a luxury car on the drive.

Rightmove sold shows another property sold for £922,500 in 2021.
Also not in good condition, clearly probate or elderly person moving into care. Same sort of out of date decor.
So guessing owners or executors, if it’s a probate sale, are looking to get a similar price.
Its only just gone up for sale so worth a try.

You only have to look at sold prices on the same street to see it isn't overpriced.

It’s a truly horrible house. It obviously needs a major refurb . 🤢

I'd say £900k is optimistic but not massively unrealistic. Not so much that I'd think it's a typo.

What do you think it would be worth? £700/£800k?

Sounds like maybe it isn't obscenely overpriced based on nearby sold prices, but there's definitely some people that like to push it as far as possible. There's a two bed bungalow near my house that's been done up to a reasonably nice standard, is on the corner of two roads, and has a small garden. It's been put up for sale for £745k. Literally next door is a really nice 5 bedroom place with a garden about 5 times the size, on for £750k. No idea how the bungalow people think they will get anything like £745k for it, I'd be surprised if they get £550k!

I disagree, I loved living there!

Agree with @boobot1, Exeter is a great place to live. Topsham, not so much.

Been forced to sell to pay for care home fees so not in a hurry?

Sometimes it is the EA that is trying their luck. They talk the value up to get the instruction then when it doesn't sell they blame the seller for the wrong presentation. The seller then has to reduce the asking price. Last year we bid on a house that started at £950k and dropped to £720k. Smart market town but a big house with hardly any outdoor space. Now an Airbnb. We couldn't complete in four weeks so it was removed from the market. Four months of nonsense and wasted legal fees.

Comments like this always amuse me. What you mean is it's out of date and not in line with current fashion - that doesn't make it horrible. It doesn't "need" a major refurb. but if it doesn't get knocked down it will no doubt get one. We are destroying the planet with our desire to make everything conform to fashion - including houses.

This!
It’s the land that’s valuable
A beautiful new house could be built on the footprint that the dated house is on.

Happens a lot in “good “ areas.

Agree. Many people have a funny view of houses and homes, that they must be up to the current standard of style and finish. Why? I've grown up in and spent time in houses that are varying in degrees of neatness, modernity and "professional finish", and it doesn't matter a single jot. Why can't houses have variety and character? It's perfectly possible to live a completely "normal" and decent life in a house that's not fully up to date.

jesus it needs a lot of work, its so dated, thats kitchen! 900k they are having a laugh

It's a little dated but nothing you couldn't live with and redecorate at your leisure. There's no floor plan but it looks quite big - there are two bathrooms. I don't know the market in Exeter but it doesn't seem out of line with the similar properties Zoopla is throwing up, especially as it's a new instruction.

Agree completely As a child I visited a beautiful cottage - Rowfant Mill Cottage-I loved it , beautiful location but it looks very dated Even so over a million

welcome to a discussion forum.

Surrey on Sea sounds just perfect to me.

It's Topsham prices. You'll pay over £300k for a 2 bed park home on a licence so you could be asked to move at any time. Plus £300 a month licence fee.

Topsham isn't Exeter, it's a very desirable Georgian small town between Exeter and Exmouth. It's always been expensive. Lovely high street with independent shops, railway station, gorgeous local walks, excellent pubs and restaurants.

Couldn't agree more. I love older homes, they always sell for more than cookie cutter new builds here and the gardens and bedrooms are always bigger.

Agree, it's the area, supply and demand. Why does a house in Kensington cost more than a house in, say, Streatham?

Still astonishing that this house is priced at that though!

It's the only house for sale in an apparently sought after village. One with a station.