October 28th 2024.
The London housing market can be a wild ride, with sky-high rents and absurdly priced properties making it a daunting task to find a place to call your own. Many of us can only dream of owning a home in the bustling city, where the average property sells for a staggering £689,722 – almost £400,000 more than the rest of the UK. Ouch.
But amidst all the chaos, there is a glimmer of hope. After a grueling seven years on the market, London's 'most derelict house' has finally been sold – and for a whopping £2,000,000 at that! Located on Pindock Mews in Maida Vale, a neighborhood known for its grand Victorian homes, charming canals, and upscale boutiques, this dilapidated house was once home to Sid Vicious of the Sex Pistols. Talk about a piece of history!
Although the selling agent has chosen not to disclose the exact price paid by the new owners, consultant Noah Pearlman of Harding Green has revealed that it is not far from the original asking price of £1,950,000. This comes as a relief, considering the property was first listed in 2017 for a staggering £2.5 million. However, Pearlman estimates that the new owners will need to spend around £750,000 to renovate the house, turning it into a three-story home with three bedrooms – two more than its current state. This would significantly increase its value, potentially skyrocketing to £3 million.
The condition of the house has not changed much since it was first put on the market, except for a few more holes in the roof and some windows lacking glass. According to Pearlman, the previous owner was emotionally attached to the property and listed it for more than it was worth. As he recalls, it was a rollercoaster of emotions trying to sell this decrepit house. As an experienced estate agent of 18 years, Pearlman admits that this was one of the most challenging sales he has encountered.
But enough about the derelict house – let's talk about what's selling like hotcakes in the London housing market. According to recent analysis by estate agents Yopa, three specific features are highly desirable among house hunters. Topping the list is a breakfast bar, with 13.6% of all listings in the last month that had one, already finding a buyer. This trend, known as 'broken plan living,' has been gaining popularity, with Claudio Corniola, research and development director at Laminam, explaining that it adds a unique touch to the kitchen while also being a practical space for various activities.
Following closely behind is the kitchen island, with 12.6% of homes listed in the last month with this feature already finding buyers. Of course, space is a crucial factor here, but for those who have it, a kitchen island is a highly sought-after addition that can attract potential buyers.
Last but not least, an Energy Performance Certificate (EPC) rating of C or above is proving to be a significant selling point, with 12.6% of homes listed in the last month with this feature also finding buyers. This is in line with the current trend of prioritizing energy efficiency in the housing market, as highlighted by recent headlines in the rental sector.
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