‘Uninhabitable’ and ‘unmortgageable’ London flat goes on sale for £785,000

  • london
  • March 11, 2023
  • Comments Off on ‘Uninhabitable’ and ‘unmortgageable’ London flat goes on sale for £785,000
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If you weren’t aware of how wild the property market currently is, this London flat provides a perfect example.

Up for auction with a starting price of £785,000, the two-bedroom end-of-terrace home on Lyndhurst Road is described as ‘charming’ by agents.

However, it hasn’t inspired the same response from househunters on Twitter, who called it an ‘overpriced dump’ and compared it to a ‘slum.’

That’s because, despite its prestigious Belsize Park location, the property is in a state of disrepair and needs a whole lot of work to bring it up to scratch.

Set over two storeys, ‘The Cottage’ comprises an entrance hall, living room, kitchen, two bedrooms and a bathroom.

Pictures show the state of disrepair it’s fallen into, from mould and mildew-covered walls to floorboards that appear to be rotten.

The kitchen and bathroom fittings are dated and caked in dirt, while holes in the ceiling and loose wiring suggests the scale of the job the new owner has on their hands.

It’s also deemed unmortgageable ‘due to the general condition’ and will be sold as seen, which means the auction is only open to cash buyers who can’t then back out.

Author Sam Bright tweeted a number of pictures from the North West London home’s listing, commenting: ‘One bathroom. Two bedrooms. 700 sq ft (most of it uninhabitable). £785,000. London is broken.’

The post has now been viewed over 440,000 times, sparking debate over the capital’s eye-watering property prices and whether this derelict building represents a good investment.

Although a number of users slammed The Cottage’s dilapidated appearance, others claimed there was ‘a lot of value to be had’ for someone with the means to do it up.

The location is certainly a draw. According to Rightmove, flats in the neighbourhood sell for an average of £1,266,609, so it may work out cheaper in the long run to renovate here rather than going for somewhere move-in ready.

Lyndhurst Road has swanky Hampstead (and the Heath) on its doorstep, along with three underground stations within walking distance for commuters.

Plus, with large gardens to the front and back and on-street parking for residents, it represents a rare find for city-dwellers who want some outdoor space to call their own.

That said, as the property is situated in the Fitzjohns/Netherhall conservation area, it’s subject to planning restrictions. The lease states that the front garden cannot be converted for parking and permission will need to be obtained before any building works.

It’s also worth highlighting that the £785,000 starting price is just that; the reserve is set at 15-20% more, so expect the final sale to be higher. There’s an additional 3% auctioneers fee and search pack (£250 plus VAT) to consider too.

For the right buyer – one who’s well-versed in construction and not afraid of getting their hands dirty – it could be a fantastic fixer-upper.

If you’re looking for a straightforward way to get on the property ladder, though, it’s probably not for you.

Bidding for The Cottage will take place online, running from Monday March 27 at 10am to Wednesday March 29 at 1pm.

Check out its listing and enquire to view via Hammer Price Homes.

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