From sky-high rents to ludicrously priced houses, it’s no secret that navigating the London housing market can be tumultuous, to say the least.
Many of us only dream of owning somewhere in the Big Smoke, with the average property selling for £689,722 over the last year, almost £400,000 over the figure for the rest of the UK. Ouch.
But now, London’s ‘most derelict house’ has finally been sold after a whopping seven years on the market – and to the tune of £2,000,000, despite the inevitable work the new owner will need to shell out for.
Nestled in Maida Vale on Pindock Mews – famously once home to Sid Vicious of the Sex Pistols – the crumbling house has been a challenging sell, but now, a buyer has sealed the deal.
The area is famous for its towering Victorian homes, the quaint ‘Little Venice’ canal district and high-end boutiques, and isn’t far from Abbey Road Studios – AKA, the location of the famous album cover of the same name by The Beatles.
Though the agent has declined to specify just how much the new owners have paid for the property, Noah Pearlman, consultant at Harding Green, told the Express that it ‘isn’t far off the full asking price’ of £1,950,000, having first hit the market in 2017 for £2.5 million.
However, Noah has estimated that the new owners will need to spend approximately £750,000 to renovate it, recommending that they convert it into a three-storey home with three bedrooms – two more than it currently has.
This, as Noah notes, will inevitably up the value, as he estimates that this could see it skyrocket up to £3 million.
