Britain’s most unwanted home has been on the market for 14 years

  • london
  • March 22, 2023
  • Comments Off on Britain’s most unwanted home has been on the market for 14 years
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Would you buy this house?

A property dubbed Britain’s ‘most unwanted home’ has been on the market for over 14 years, making it the longest-known active listing in Britain.

The two-bed ground-floor maisonette in North London with an asking price of £339,995 has now been up for sale for a staggering 5,146 days, according to Moverly data showing it was first listed on February 16, 2009.

The home is in a prime location with good connections into central London and comes with two double bedrooms, a modern family bathroom, gas central heating and double glazing.

According to the listing, the property would ‘make an ideal family home or investment opportunity,’ within walking distance to Enfield Town Overground Station and the Palace Gardens shopping centre.

For some reason, though, it’s not been a hit with buyers.

On the surface, the home looks perfectly fine, with just some decor updates required to suit the new owner’s taste.

However, marketing materials claim its lease was renewed for 125 years on 29 September 2004, which may pose a problem for those looking to purchase.

Most flats and some houses are sold on a leasehold basis, with a landlord owning the freehold. The length of a lease can affect your ability to get a mortgage on a property, with some lenders refusing to allow borrowing if there’s less than 80 years remaining.

You can extend this term by negotiating with the landlord, but as the lease gets shorter it becomes a more expensive process. Plus, if it runs out, the property reverts to ownership of the freeholder.

Alternatively, this home might have languished on the market due to its price, which was reduced by £10,000 earlier this month but still sits a little high compared to similar properties locally.

The average price for a flat in the vicinity is £282,843 according to Zoopla, so this may factor into the lack of interest from buyers.

Marc von Grundherr, Director of London lettings and estate agent, Benham and Reeves, told ‘There are myriad reasons a home may sit on the market without selling and, on the face of it, Britain’s least loved home has plenty of appealing factors, such as its size, commutability and a host of local amenities. 

‘However, while it could certainly do with a little TLC in terms of its curb appeal, there’s simply no telling what other issues may be sitting beneath the surface.’ 

‘It may have drummed up interest from potential buyers who have been put off during the viewing process, due to the wider area, or as a result of issues found during the survey process. 

‘The lease is also bordering on the 100 year mark and so the cost of extending it could also act as a deterrent. Finally, the London market hasn’t performed as strongly as the rest of the UK during the pandemic market boom and so if a property is failing to sell, the primary reason is often due to the asking price expectation versus the reality of the current market.’

Situated in the centre of Enfield town, this property’s location is a big draw for those who work in the capital, close to a cinema, trampoline park, cricket club, multiple golf clubs and a reservoir.

That said, you can see a large Tesco from the front window; not a view that most home-buyers wish for.

The full listing says: ‘W J Meade are proud to present to the market this delightful two-bedroom, first-floor maisonette boasting spacious living throughout.’

Perhaps you could be the one to see its potential and finally get rid of the ‘for sale’ sign out front?

It may now seem like a permanent fixture, but everybody loves an underdog story, and this house is certainly due a comeback.

View the property and enquire to view via Rightmove.

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