Why would a property be priced completely wrongly - like millions of pounds out?!

[Tenpintonpin]

Property in question is a (fairly plain looking) 3 bed barn conversion, with 3 acres of agricultural land and another barn. It's in an expensive part of the country - I reckon house alone would go for maybe 900k. It was originally marketed for nearly 4 million!! Price has been dropped today to 3.75 million. Has it been priced as if planning permission could be granted on the 3 acres (even though change of use seems unlikely)? I can imagine you could get planning to convert the other barn, but even so, I'm mystified.

Yes must be to reflect some potential use I suppose.

Yes its most likely the land is worth that much rather than the existing building.

The land is the only explanation, but surely 3 acres of agricultural land isn't worth that much?The estate agents blurb barely mentions the land or it's potential, just keeps banging on about what an exceptional house it is. Only it really isn't.

Someone has probably already done the research and decided that change of use may well be granted. If not then the price doesn't make sense.

The owners really don't want to sell but are court ordered to do so?

I can't answer your question, because it sounds like it's not far enough our, but someone forgot the decimal point on a house round us recently. While most 4 beds were 200,000 or 300,000 with a couple at 500k and 600k, there was one at 27,500,000. It has a massive price reductionafter a few days.

I'd guess the land or they don't want to sell.

Post a link?

Hmmm. There's no-one living in it, it's a new conversion. I wonder if someone bought the land with a view to development and can't proceed any further for some reason? There's no way on earth they will achieve 3.75 mil without planning permission though, it's bonkers.

I wondered if it would be a bit mean to post a link, but as no-one's living there at the mo:
www.rightmove.co.uk/properties/120315134#/?channel=RES_BUY

Hahahaha god loves a trier. My 10 cents says traveller-related - cf gates for further clues.

Yep.. I'm guessing traveller site. With this potentially as the main house. Another barn could be converted to washing facilities and it's off. A quick google suggests there's been suspicions in the past

They'll not get change of use planning granted there; several similar properties have tried and been refused. I live nearby; travellers have never been there; they tend to go to Winchester as there's a good place they can be largely left alone.

That is a lot of money for what looks like a shed in some mud!

Yes quite!

Ugliest barn ever! Looks like a 'lodge' on a caravan park. Is it supposed to be £375k do you think?

Estate agent accidently added a zero?

This is nicer for 3 million
5 bedrooms, character and 3 acres.

www.rightmove.co.uk/properties/124330244#/?channel=RES_BUY

Is the write up for a different house 😂nearly 4 mil and no separate dining/living space or even an office. Is the land on top of a gold mine??

It's not even an amazing barn conversion and the land hasn't been landscapes so really wander where on earth they got that price from

Don't think it can be a typo as the price has just dropped today, was previously on for nearly 4 mil. Would deffo be worth more than 375k as well, even if does look like a shed!

We're fairly nearby as well @SuperSange and agree, they won't get change of use. Have you ever heard of those estate agents before? I haven't...

Money laundering? maybe, somehow?

@Tenpintonpin -Yes, thery're new-ish, more for the personal touch. I don't know how they compare to H and C locally. Not even sure where their offices are.

I'd guess someone doesn't want to sell but has been ordered to due to eg divorce. Surely for money laundering you have someone lined up?

There's nobody in it. My mate lives very near it-I'm going to check with her. She'll know. They got planning for a replacement barn a few years ago, but I didn't know about a house........