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 did my parents’ house in 2017. Three bed semi. It didn’t need rewiring or replumbing and the boiler was fully functional and regularly serviced. I replaced all the windows, the kitchen and two bathrooms, repurposed a deep alcove to create a utility, recarpeted and redecorated inside and out. It cost £29k - and that was with paying too much for the windows. Obviously it would cost more now but nowhere near £150k. I doubt if you could spend that amount on it unless you were putting a huge extension on it - which would ruin it for the retiree market.

Just a thought but I wonder if has planning permission to extend?

Exeter is absolutely lovely - lovely cathedral city near to the moors and the coast. Perfect.

30 years ago it was worth £150k, 30 years time it’ll be underwater, literally

Oh yes, the flood risk. I'm taking that very seriously indeed. I've been looking at projections of future flood risk ... I wouldn't go near lots of Exeter and the surrounding villages; it's cut down my search area quite a lot. I think lovely Topsham is going to be in trouble in years to come.

Habitable? 😆

It is truly hideous.

The parents died & the greedy kids want their inheritance.

I can never justify the cost of most properties.

bloody hell that's the exact layout of my last house but one that i sold in the south east for £385 000 in 2016!!!!
jeeeeeeeeeepers

It's on a large plot.....maybe it's aimed at developers.

It needs TLC. It could be lovely if it was updated. The garden’s very sweet.

It really isn't

Topsham is very desirable and prices have gone crazy.

It’s a good way outside Exeter and Topsham is a) lovely (used to live there) and b) bloody expensive.

Maybe it's got planning permission for development or something?

It would say if it did. It’s in line with other properties there. But there’s money to be made from either knocking it down and rebuilding, or substantial remodel + adding a second story.

I’ve not rtft sorry but I live in Exeter. Been to topsham many many many times. Even worked as an estate agent in topsham a while.as everyone has said/ location, detached, parking, bungalow. All hugely desirable in the town that is is well known for being very pricey.
we have a bungalow, large 70s one, on outskirts of Exeter and ours has been valued at not far off this price. You’d be better off looking within Exeter itself price wise

Because it is in Topsham. Exeter is lovely, I live there.

Perth. Australia.

That’s quite a way.

Yeah, but that's been pushed up by 1 mansion that sold for £3m.......

Similar property sold for over £900k in 2021 so they are probably testing the market.

There are quite a lot of houses in Topsham that sell for 1-2 million.

The market is a already tested…

Topsham is lovely, but very expensive (overpriced) and several new housing estates currently being built. New bungalows being marketed at £895K which are no doubt much smaller than this property.

It is because it is Topsham ... the location is 100% driving the price. The new houses being built 'in' Topsham (Exeter side) are driving up the price of the true Topsham houses ....

Ridiculous, it's absolutely fine to live in while its updated, looks clean and well maintained.