London garden sells for seven times the average house price!
A plot of land located in Primrose Hill, London which measures 20 metres square was bought at auction for seven times the average UK house price! The garden was valued at £100,000, came with no planning permission and is surrounded by properties.
This didn’t stop a huge bidding war sparking within an action room filled with around 30 people as the price rose to a huge £1.2 million! The auction room was considerably quieter upon the hammer hitting the table as people left the auction room once the 0.02 hectare piece of land had been sold.
The plot of grassy lawn is situated on Elsworthy Terrace, North West London and homes normally sell for £1,800 - £2,000 per square foot which makes it one of the most expensive streets in this part of London.
Mark Pollack from nearby Estate Agency - Aston Chase, said it was a ‘significant price for a piece of lawn’ but he could 'see the logic' in the final price paid, which he said would typically buy a two-bedroom flat in the area.
It is not yet known what the buyer intends to with his expensive piece of land but Mr Pollack believes he will have purchased it to use as a garden rather than to build on due to the risk of planning permission being rejected.
In comparison, £1.2 million could buy a detached property with six bedrooms on the outskirts of Bath or a whole farm in Wiltshire. Even if you were to spend your money in London, a small flat could be purchased in Mayfair for the same amount of money rather than grass and soil.
Which would you prefer to spend £1.2 million on?
Amanda McGovern, & Eve Blakemore, Pali Ltd
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