Am I just massively out of touch or is this over priced?!

[HouseOclock]

www.rightmove.co.uk/properties/127341239#/?channel=RES_BUY

This bungalow has just gone up on the market, lovely location BUT it's a prefab, around 50 years old and falling apart. The listing says renovations needed but the whole thing needs knocking down and rebuilding, the roof is bowing above the garage and all the walls shake as you walk around. The outside steps are coming away from the house etc.

Surely to get it all in decent order and nicely finished would easily reach up to a million alongside the sale price - it can't be worth that much in the end?! As I say, I am out of touch so will be interested to see what others think

I agree. Even for the location and the land that price is hugely optimistic imo

It's Gravely, five mins from where I live. Hugely sought after and desirable. I'd be surprised if that didn't sell at that price or near to it at least.

Buy it, demolish it and build a
monstrosity like this

www.rightmove.co.uk/house-prices/details/england-121638245-15693685?s=b85144b552e07240a21c3498406b74a550e65df2679b14c947f44bbac160f6bb#/

It has a massive footprint and biggish plot so you would prob get planning quite easily.

Also Gravely isn't really Hitchin at all, it's Stevenage 🤷🏻‍♀️

I didn't spot in the listing that it's a pre-fab?

It looks like a very decently sized plot of land, so there’s lots of potential.

I have no idea what the location is like though.

It doesn't mention it! I also thought that was odd. It definitely is though

Big plot in a desirable area. Big detached house in spitting distance of London? Easy that price. I live in a 3 bedroom semi in a similar area and it’s worth about £600k.

They don’t expect anyone to buy that to live in. They expect them to buy that and put a 2 story house on the plot.

And agree with PP it doesn’t look like a prefab, looks like a standard brick and tile construction

It's not a prefab.

I know exactly where that is. It’s outside St. Evenage. Not worth that tbh.
It’s more the land surrounding it that’s worth the money for a developer.

It looks very much like the dated bungalow we bought for 600+k in a commuter town and have been renovating. The plot is huge and it has great potential

You’re paying for the plot and having something on it means that planning will be easier. I don’t know the area but where I live (Oxfordshire) that would be a bargain.

It’s like this one! They’ve not even put many photos or a floor plan! www.rightmove.co.uk/properties/116210033

Its nor a prefab its brick

*not

I'm central SE England. The prices of Bunglows is RIDICULOUS whether to 'update' (completely re-do to turn a profit or extend & turn into a family home) or use the land for a new build. Sadly the people they were designed for (older people who NEED single story dwellings with easy entry) can't afford them or they're 'pre sold' to developers. It shouldn't be allowed. (No idea how you'd stop it, but 🤬🤬🤬)

It's not a prefab.

It's a 4 bedroomed property in a desirable location.

It could be demolished and a bigger property put on the plot.

Doesn't seem that expensive

So is it a prefab which has had brick added later? How can you tell it’s prefab in that case? I’m wondering if you have seen a survey which would be interesting.

Might even get two houses on the plot

You're paying for thank more than the building due to its location and the size of it. After a total renovation it would probably be almost twice that.

The house isn't great but the plot has amazing potential, it's fairly rural and only a couple of miles outside Stevenage, which is about 20 mins into Kings Cross.
You could turn that into a 1.5 million property

There is a bungalow next door to me, that should condemned and demolished in every way. It's just sold for 600k. Not because it's worth 600k, but the land that will get planning permission for 2-3 houses is.

Is it priced in the expectation that several houses could go on the ploy?