It has been said before and it will be said once again; London property prices are rising at an unprecedented rate.
Last month a ‘shed’ in Peckham, south-east London, was sold for almost a whopping £1 million!
The run-down property was advertised by Savills and was eventually sold for £920,000 at auction after a bidding war broke out for the property.
The pre-fabricated bungalow will need to be demolished however, this factor did not deter developers who wanted to secure the property and its 0.6 acres land.
“There was quite a lot of interest in it and bidding started at £600,000, so people weren’t messing around,” said Chris Coleman-Smith, a director and auctioneer at Savills told the BBC.
“Someone has bought it to develop it and that area is a hotspot. It is a really good location.”
The ‘shed’, which has not been occupied since 2002, was owned by Southwark Council. The council aims to use the money to fund a housing investment in the local area.
“We are investing hundreds of millions of pounds to not only improve our current housing stock – by making them warm, dry and safe and providing quality kitchens and bathrooms – but also to build 11,000 new council homes across the borough,” Councillor Richard Livingstone told the Evening Standard.
“Although selling council homes is not something we would normally want to do, sometimes the costs for repairs and refurbishment to bring our older properties to a decent standard is simply too high.
“In these cases, we have the option to sell them when they become vacant and use the money to fund this housing investment programme.
“We are extremely pleased that once again we have managed to raise a significant amount of money from the sale of a property, that was far past its expected lifespan…”
[Picture credit] Google Maps