Million Pound property - really?

[Mooserp]

Is this genuinely a realistic asking price?

https://www.rightmove.co.uk/properties/86382162?utm_campaign=property-details&utm_content=buying&utm_medium=sharing&utm_source=copytoclipboard#/&channel=RES_BUY

An almost identical one sold in our street last year for £1.25m. Seems reasonable if the area is nice. They had builders in for about 6 months, and it still isn't finished, though the family have now moved in.

And you can add another 250k to your refurb budget if you are aiming for ‘high spec’ which I guess meant mid market nice finish, since actual high spec is closing to 1m to go from that to a 2500ft high end finish product. Usual location disparity, sure I ll have plenty to correct me and point out their brother in law did it for 120k in south wales.

Where I live - a house in that state would be £20-30k at auction.

And not more than £200k when done up.

I have literally just been looking at this one!

@throwawayaway1

just making an observation 🤷‍♀️

The numbers don`t work with higher interest rates, there will be thousands of properties like this just sitting there now, no one wants a renovation project at that price any more.

Looking at sale prices for othe4 properties close by then yes it’s reasonable, maybe 950, but it’s in th4 ball park.

Rich people do, Crashy.

The rich are different.

Wow that's a shithole.

I love the lone bottle of bleach in the bathroom picture. Yes mate, that's all this house needs. Just a little squirt of domestos.

Lol, just a little squirt of domestos and a quick run round with the hoover… no problem

LOL, you are funny sometimes.

So are you honey

Has it already been extended in some way? Looking at street view its roof line is different to next door's and to other houses in the row.

LOL, anyone who buys that won`t be laughing though.

Why do people always compare London property prices with similar properties in a less desirable location?

Given the state of the rooms (wtf has been happening in there?) the kitchen must be the sh!thole from hell as there's no photo of it. I want to know the back story. It looks like it might have been lived in by an elderly hoarder, going by the skip that someone has filled. I bet it stinks of rat pee & poo. I'd have to speak with the neighbours about the previous resident.

As for the price, let's watch it play out and see what it sells for...

That won't sell at that price, surely? We had a similar one nearby that started at 800k and is now on at 390k. No one was biting clearly.

A few mates with connections to the construction business will get together and buy it, gut it, redo, and sell.

I'm sure the neighbours are beside themselves with joy that it's empty and on the market.

I think it's because people in cheaper areas find London house prices astounding. I don't because my daughter lived in Clapham for a while and the house prices there are very high. I don't live in London but my area is ridiculously expensive (coastal south-west, lots of 2nd homers) so I get comments about what I could buy elsewhere if I moved. I think it's just natural for people to compare house prices in their own areas.

It does seem overpriced. But I guess it depends if they get any offers. There are probably more people looking for a property in London than in Bury. And if I was to have a choice of inheriting a property like this or the one in Bury I know which I’d go for.

It's like comparing apples to oranges. It's really not relevant.

It's awful

That's a fair assumption that more people are looking for a property in London than Bury.

I would like to inherit a 1M house wherever it was. Though not sure there are many houses that expensive in Bury.

It's Wembley.

Don't tell me it's near Old Oak Common

Yeah, that’s kind of what I meant. That I’d rather inherit the run down million pound London property than the much nicer Bury property upthread. When you see all the “London prices are crazy” threads you do wonder whether if someone inherited a London property would they market it accordingly? Anyway, I’m probably going off topic.