Neighbours of a five bedroom home which sparked an online debate over its ‘insane valuation’ say its price tag is depressing.
The home in Wanstead, north east London, has hit the market for £3 million despite average property prices in the area sitting at £756,000.
Located on a well-heeled road, the 1950s detached home boasts three balconies, a large driveway and a garden.
Offering stunning views over 18-hole Wanstead Golf Club, which sits on the grounds of the old Wanstead House estate dubbed ‘The English Versailles’, the vendor has hinted the home could be flattened and a new one built in its place.
That would be in keeping in a road of palatial homes which can fetch £2.2 million – despite those properties being significantly modernised in comparison to the £3 million listing.
A property expert told the Daily Mail that the price of the home, which comes in at almost £1,292 per square foot – double that of a neighbouring road – is ‘ridiculous’.
Nonetheless, estate agents The Stow Brothers, who are selling the property, say it offers ‘incredible natural light and charm’ and has ‘fantastic potential for renovation or redevelopment’.
The nearest tube station is a ten minute walk away and the RightMove listing says the area offers ‘fantastic local schools’ and ‘plenty of greenery’.
The house (pictured) sparked outrage after it hit the market for £3 million – despite its threadbare carpets and worn out bathrooms
The listing photos show the carpeted stairs are taped up where they’ve worn thin, as well as piles of rubbish
The bathrooms also look in need of a touch up, as this outdated interior on the listing shows
The home is chain free and offers enough parking spaces out the front for at least three cars, while there is also a garage.
But online commentators are not convinced, branding the asking price as a ‘bats**t’ valuation for a home with ‘zero upkeep’.
The Reddit user said: ‘Duct tape on the stairs. Tired decor. Zero upkeep on the outdoor areas.
‘3 million quid is bats**t crazy.’
Another added: ‘So this is what you London folk pay is it? And you have to buy new carpets too?’
When the Daily Mail visited the home on Thursday, the vendor said he was surprised to see the home being discussed online but was confident the property would fetch £3 million.
He refused to comment further, saying it was a ‘private matter’.
But neighbours on the street expressed disbelief at the asking price, with others perplexed at how a home that will need major work or even redevelopment could command such a sum.
The interior rooms are large but lacking in much decor and need a clean lick of paint
The gardens of the detached five bed have not been very well-maintained, but the property does sit on the grounds of the old Wanstead House estate, dubbed ‘The English Versailles’
The property has got three balconies and has stunning views over 18-hole Wanstead Golf Club, but it will need some new furniture and modernising
One man on the road said he had recently moved into his late mother’s bungalow and has struggled seeing the area he has lived in his whole life change before his very eyes.
The man, who did not want to be named, said: ‘Jesus, three million quid? It will obviously be knocked down.
‘Wanstead has become crazy, every time I walk past an estate agent it is like mega money.
‘Everyone who seems to have bought here is doing super developments, I don’t know where everybody’s money comes from.
‘I’m amazed that in this time of austerity how much people have to spend. There is another house with a quote of £2.5 million. It’s depressing.
‘But I guess this is a unique road, it’s got manicured estate views at the back with the golf club.’
Despite the potential to cash in on the astronomical asking prices seen along the road, he said he has no intention of selling.
He added: ‘It does make me think of selling, but where would I go?
‘I like living here, it’s nice to know things are going up in value, but I have no intention of selling. I’d have to spend a lot of money to do this place up.’
One lady the Mail spoke to said she was aware of the sale and branded it ‘madness’.
She added: ‘There is one at the end of the road and on the market for £1.2 million, it’s a tiny little standalone, two bedrooms. It’s been rented out for years. I don’t really understand it all, it’s totally lost on me.’
Another lady said she had lived in the area for 39 years and had seen the road change beyond recognition.
‘Half those houses are new builds, I remember them all being 50s homes with normal, everyday families in them, now its bankers, businessmen and foreign buyers’, she said.
Property expert Vivienne Harris of Heathgate Properties in Hampstead said she was surprised at the asking price for a home that is not particularly attractive and requires updating.
While acknowledging the home sits on a large plot, she warned the ‘sluggish’ housing market may force the vendor to lower the asking price.
She said: ‘The house seems very expensive to me. Its asking price is almost £1,292 per square foot which is comparable to parts of Hampstead NW3.
‘In the next street, not so nice houses are selling for approximately £661 per square foot in modernised condition. So double the price is ridiculous.
‘It is on a large plot so maybe the owners think it could be a development site but even so it seems pricey especially as it has the original bathrooms, is not super attractive from the exterior and requires updating.
‘The market is currently extremely sluggish mainly due to the current financial uncertainty and apprehension regarding the upcoming budget so prices have stabilised if not reduced slightly with viewing levels at very low levels and offers a rarity.’
