6 days ago
Is this Britain's most overpriced flat? Apartment in trendy North London compared to a SHED after being put on sale for £1m - can you spot why?
London 's property market has always been an enigma and one 'optimistic' listing perhaps perfectly encapsulates this - for all the wrong reasons.
Although properties that would struggle to sell for £200,000 in other parts of the country are routinely snapped up for three times that in the capital.
Demand has exploded in areas of London's commuter belt - or on the outer verges of the capital itself in recent months, bucking the trend of the rest of the nation where prices have dipped.
The average UK home was worth £265,497 in April which was down 2.7 per cent on the previous month but up 3.5 per cent compared to the previous year.
Meanwhile the average London property was priced at £566,614 in April, following a rise of 2.6 per cent month-on-month, and a 3.3 per cent gain annually.
But house-hunters on Reddit this week reacted aghast to one property which has been advertised for a cool million pounds suggesting that there is indeed a limit to some buyers patience.
The listing in question is a studio attic flat in trendy Dalston, which has been described as an 'exceptional Victorian warehouse conversion.'
Estate agents Savills were certainly pleased with the property, writing: 'This authentic conversion retains a wealth of original features, including exposed timber beams, skylights, wooden flooring, and a striking open-plan layout encompassing the kitchen and bedroom.
An estate agent from the firm told the Mail the property had been on the market for eight weeks with no offer made
'A unique highlight is the original winch, a remnant from the building's history as a spice factory. The apartment enjoys a large window with views over the canal and the city.'
Prospective owners of the flat however were less impressed criticising the layout of the apartment, the fact it was listed as a one bedroom when it was a studio and of course the price.
In a scathing thread titled 'Slapped a kitchen and chair in an attic, and put a one mil £ price tag', many house hunters ridiculed the 'cheek' of the listing.
One said: 'Truly. Truly unhinged. Who is paying a mill to live in an attic in Dalston?'
Another proffered: 'Does anyone else remember when being a millionaire was a big deal? Now apparently all it gets you is a shed. A shed in the sky.'
'The price is wildly ambitious', scoffed another.
According to property aggregator Houses for sale and to rent, the average cost of a one-bedroom flat in the trendy London enclave is £466,348 - making the property over £500,000 over the odds.
It would be fair to say reaction to the listing was very mixed on social media
The property was last sold in 2002 for the sum of £325,000, a price that many on the thread were also incredulous of.
One said: 'As a single guy I like this. Kinda cool, nice location, decent size for one person and looks like fun, though maybe a bit noisy in the rain.
'But a million sold in 2002 for £325k which even then sounds way over the top.
'And £1500 a year service with unspecified ground rent.'
An estate agent from the firm told the Mail the property had been on the market for eight weeks and despite being viewed a few times is yet to receive an offer.
The agent said the listing's sky high price was due to its central position along the basin and the price per square foot of London properties.
The online furore comes hot on the heels of another property storm that puzzled residents of Hove last week.
An elderly couple infuriated house hunters online after listing their home for almost £2million over the average sale price of their street.
Residents reacted with 'shock' and 'disbelief' after the ordinary looking property in Hove, East Sussex was put on the market for a staggering £2.5million.
The asking price for the smartly presented property has caused consternation among potential buyers who have claimed it is 'overpriced.'
They claim that although the red-brick home has a sought-after seaside location, it actually backs onto a block of high rise flats and sits on a busy road which has a high crime rate.
The owners - who are in their late 80s - bought the property in East Sussex in 2010 for £750,000 but have now put it on the market for more than three times that amount.
According to property experts Purple Bricks, the average cost of a house on the street where the couple are looking to sell is £600k.
One resident told MailOnline: 'I'm shocked. It's incredible how much house prices have risen in the last 15 years but I'd never expect a house to be on the market for so much - it's a King's ransom.
'It's unbelievable really. I understand it is in a desirable location but this road is very busy all the time and the back garden looks out over the flats - not exactly a beautiful view.'
The £2.5million house sits on Third Avenue in the upmarket Hove and is just 100 yards from the pebble beach
The house sits just 100 yards from the pebble beach.
The elderly couple are understood to be selling it so they can downsize away from the seafront.
Hove is a well-heeled and desirable location to live where the average price of a detached house is £846,600.
Neighbour Barbara Crafts, said: 'They are a lovely couple but they're getting on.
'Although the house only has three bedrooms it is deceptively large and the bedrooms are huge and have walk-in dressing rooms.'
Mrs Crafts, who is in her 70s, who lives in a spacious three-bedroom flat on the street, said: 'Although it looks quite ordinary from the front it is a lovely house and very spacious and they've spent some money doing it up.
'I've lived here for around eight years and my children who live up north are always telling me to sell. They tell me I could buy a fantastic property near them for just a fraction.'
Viewers checking the online listing questioned how the 'modest' home could command such a high price.
One said: 'Those flats overlooking the back would be an instant no for me even if dirt cheap. Half the house is the master suite. Seems unnecessary.'
Another said: '£2.5m is insane money for this. Surely its not worth even close to that. Even at half, it would be steep, no?'
Another viewer said: 'How much!? And why does that main bedroom need two dressing rooms and such a huge bathroom?! Should have just made one of the dressing rooms a guest room instead.'
Yet another said: 'Faaaaar too of property faces west, back faces east. Front faces a row of guest houses/hotels including a God awful 60's(?) 5 story guest house directly opposite.
'Back faces an 11 story block of flats. So, no privacy and no sunlight in the morning or evening.'
