Bubble?

Graham_Devon

A piece of garden valued at £100-150k sells at auction for £1.25m.

And it doesn't even have planning permission...

At one point in time this news story would have shocked us.

Now it’s just another sad nail in the coffin for every young professional hoping to get on London’s greasy property ladder.

A 45ft-long garden in Primrose Hill has just sold for £1.25million – but was valued at around £100,000.

The garden is at the rear of a house on Elsworthy Terrace, siding onto Elsworthy Road. You know, that area you’ll never be able to afford to buy in.

The plot of land, measuring just 0.02 hectares and around 20 metres square, was offered by auction house Allsop Auctioneers with a guide price of £100,000 to £150,000.

It ended up selling for a staggering £1.25 million, with the buyer having to pay a further £68,750 in stamp duty.

http://metro.co.uk/2015/07/21/a-45ft-long-garden-vauled-at-100k-just-sold-for-1-25m-5306102

Aberdeenangarse

I'd assumed this was another Greek thread

Nice garden though!

Thrugelmir

Graham_Devon wrote: »

A piece of garden valued at £100-150k sells at auction for £1.25m.

And it doesn't even have planning permission...

It's only money.

stator

Corner plot, I'm willing to bet someone is planning to build on it.
https://www.google.co.uk/maps/place/Elsworthy+Rd,+London+NW3+3BT/@51.5410507,-0.1646523,86m/data=!3m1!1e3!4m2!3m1!1s0x48761a94997868ab:0xe7e3cf22e23c6717
Especially when you see that the opposite corner plot on the other side of Elsworthy Terrace is being built on right now.
https://www.google.co.uk/maps/@51.5409,-0.165747,3a,75y,162.43h,83.57t/data=!3m7!1e1!3m5!1sV90CmdA8TScGhTggKfmGPQ!2e0!5s20140501T000000!7i13312!8i6656

Mistermeaner

Build student pods, 1 mile high. Boom!

stator

The building being constructed on the opposite side is fairly modest. Only one floor above ground, two below.

http://planningrecords.camden.gov.uk/Northgate/PlanningExplorer17/Generic/StdDetails.aspx?PT=Planning%20Applications%20On-Line&TYPE=PL/PlanningPK.xml&PARAM0=264929&XSLT=/Northgate/PlanningExplorer17/SiteFiles/Skins/camden/xslt/PL/PLDetails.xslt&FT=Planning%20Application%20Details&PUBLIC=Y&XMLSIDE=/Northgate/PlanningExplorer17/SiteFiles/Skins/camden/Menus/PL.xml&DAURI=PLANNING

House prices could probably justify that sort of value on a similar project:
http://www.zoopla.co.uk/home-values/london/elsworthy-road/

[Deleted User]

im afraid london and londoners get all they deserve they have chased property prices up for years,most recently on the back of cheap interest rates,and have clouded the picture nationwide where in many areas prices are still at pre 2007 levels

ukcarper

woodbine wrote: »

im afraid london and londoners get all they deserve they have chased property prices up for years,most recently on the back of cheap interest rates,and have clouded the picture nationwide where in many areas prices are still at pre 2007 levels

Probably not Londoners they can't afford to live there.

Sapphire

ggb1979 wrote: »

Build student pods, 1 mile high. Boom!

Build 'luxury apartments' for speculators from abroad, 5 miles high.

Generali

Sapphire wrote: »

Build 'luxury apartments' for speculators from abroad, 5 miles high.

Sell it to a greater fool for £2mn.

purch

Generali wrote: »

Sell it to a greater fool for £2mn.

If it really is a Bubble then there certainly will be one just around the corner