Comments : Garden sold for the equivalent price of a house!
In the West London area of Chelsea a small piece of land measuring just 55ft has been sold for £84,000… it’s a garden plot. The evening standard mentioned that even though the plot of lawn has no rights included nor does it house any planning permission for development in the future a foreign buyer has been the purchaser of this very rare sale, in what looks to be the incline with regards to property prices in London and on a whole the forthcoming prospect of a property bubble inside the UK.
The precise location of the plot is near Sloan Avenue and it measures exactly 55ft by 40 foot and has been sold for generously more than the price of a home in Durham which is 300 miles away. The overall value cost to this land, per acre would have been a humongous £1.68 million!
This plot is thought to have made a profit of £31,000 for the now previous owner in just eight months compared to the value when first bought which had been £53,000 last September 2013.
The small area of land had been sold courtesy of Savills and the director of national auctions, Christopher Coleman-Smith said;” The new owner can do what he likes with it. I suppose he could put up a marquee when the flower show comes around. Little bits of London like that are in scarce supply, and in 20 years’ time who knows what it might be possible to do with it? It is the latest example of a tiny slice of London real estate selling for a huge sum despite not having planning permission to build on it”.
The sale had been made just months after the Office for National Statistics had unveiled that London’s property prices had dramatically increased by almost double the amount in comparison to London salaries during the past year making it extortionately impossible almost for potential young buyers to get onto the property ladder.
It’s not only garden plots that are selling for extortionate prices in London, I recently blogged about a garage that sold for almost ten times its guide price! If you would like to read more about this story, please click HERE
Nicole Cran, Pali Ltd
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