‘Perfect’ properties not selling

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by Kay Murchie

Buyers are looking for dilapidated homes to modernise as a way of adding value in a slow market meaning fully renovated properties are not selling.

Prospective buyers want a project not a property, perhaps it’s due to the success of Sarah Beeny’s television renovation programme, Property Ladder. Or perhaps it’s the credit squeeze which has made people realise they can’t rely on prices rocketing in value without having to do anything.

According to Winkworth estate agents, a large run-down property in a desirable street in Clapham, south London, was up for sale £3 million. It sent buyers into such a whirl that it received 8 offers and went to sealed bids. Nick Goble, a spokesperson for the agent said it hadn’t been on the market in 40 years and had the original gas lamps and cornicing. But it’s a 3,100sq ft detached house with a 120ft garden, which is extremely rare in this area.

Furthermore, Kinleigh Folkard & Hayward estates said two houses on the same street in Kennington, south London, went up for sale at the same time. One was a flawless 3-bedroom Victorian home, including a bespoke kitchen with a glazed roof, for £850,000. Someone could move in and not have to lift a finger.

The second property was a 2-bedroom house with an old kitchen and an untidy garden which was up for sale for £485,000. This property received 15 offers within 2 weeks and sold for £25,000 above the asking price.

The first property is still on the market, Justin Bhoday of Kinleigh Folkard & Hayward said the feedback they’ve received is that the house is too perfect. Mr Bhoday added that people want to put their own mark on a property and when there is no scope to do this, many buyers are put off.

Mr Bhoday continued that fully renovated properties attract less interest than ones needing a lot of work because people see them as blank canvases. Everyone now sees their home as an investment. If they can do £50,000 worth of work and add £75,000 to the value of the home, they will.