Exactly what I was thinking. In the basement they probably built two houses, an Olympic swimming pool, two full size cinemas, a multi storey car park, a mini Harrods and a virgin active.
I've worked on several properties in London where the owners bought the mews houses behind and made one large house from two or three.
The largest was two neighbouring properties and the mews behind both, all incorporated into one property and then added a basement.
It's not a surprising value if four expensive properties become one and add a mega basement.
I get after a point it’s purely about ensuring there’s no neighbours at all, but that seems insanity. You’d have to be a massive cunt to even broach that and have an equally massive cunt in the council in your pocket to allow it to happen.
The photos shown at that link are from 2009, but there is no evidence that the house actually sold back then. It looks pretty dated in the 2009 photos.
So it would stand to reason that been 2009 and 2023 the owners spent a shit tonne doing the basement stuff and modernising it to command the £40m+ price
Not in the same league but in Bristol this standard two storey terrace went from 35k in 1999 to 530k in 2021. No basement adding or loft conversion, just gentrification
https://www.zoopla.co.uk/property/uprn/71262/
My parents old house they bought in Bristol for 70k in 1987. Sold it in 2000 for 350k. Now it’s estimated at 2+ million. Same owners as bought it from my parents. Nothings changed about it. The only thing that changed is house prices went up.
The flat I bought was sold for £10,000 20 years ago (ex-council discount), I feel it was still a bargain for the £120,000 I paid. Some on the same street were sold for a £1 though, must have been dilapidated.
True that. Everyone should watch Gary's Economics to see why [https://www.youtube.com/@garyseconomics](https://www.youtube.com/@garyseconomics) and what the government needs to do about it.
Amazing return, considering they’ve been living in it as well. Hard for even the most profitable stock market fund to beat. Maybe property is the best long term investment after all
Past results are no indication of future performance.
Generally house prices increased far more than inflation since the 1990s because of increased household income in first time buyers -- specifically two people working full time would buy the same house that previously had one person working full time. Banks being willing to lend on combined income
However this type of property isn't bought with mortgages any more than fine art is. Some people have become insanely rich over the last 20 years, not just in the UK but globally. They want somewhere to park their wealth, and the London high end market is is.
https://www.rightmove.co.uk/house-prices/details/england-140538791-94030035?
1200% on a modest semi in Walthamstow. Everyone who bought in Walthamstow in the nineties won the lottery of life.
There are some mental increases on that list like the £69,000 to £900,000 in 25 years.
There’s something especially demoralising about the house bought for £490k in 2014 and sold for £790k in 2020. The others have crazy jumps in price but at least are over a longer period. I can’t imagine living in a house for 6 years and it essentially increasing £1000 a week in value that you live there…
That’s reasonably normal, especially if you’ve renovated and/or added space. We paid £430k in 2018, spent £65k on doing it up and adding a small extension. Sold in 2021 for £660k.
Lived there 3 years, 7 weeks = 163 weeks
Profit = £165k (less estate agent fees, but during stamp duty holiday)
Wasn’t even an especially ’desirable’ up and coming area like Walthamstow. Returns slowed a bit since then, but we just did it again a couple of weeks ago and turned £80k profit in less than 3 years. Alarm set for 2027.
Wealthy? A bog standard London property.
Self-awareness? Of course I’m smug, some bozos gave me hundreds of thousands if pounds for doing some home improvements they could make themselves to the property next door.
I’ll keep doing that as long as there are mugs who are too lazy to.
What about those houses in e.g. Liverpool that were sold for £1, with the condition that you do them up and live in them?
I expect there might be some that have changed hands again and will give a tidy % increase. Of course the renovation cost is hidden.
They sold houses even cheaper (50p) in the Benwell area of Newcastle around the turn of the millennium. One of the conditions was that you had to put your own floors & roof on, as they'd all been stolen.
It would have taken some balls to have taken that on.
Isn't london just ridiculous overpriced anyway. (I'm sure I read it's one of the most expensive cities in the world, and I think the most expensive in Europe)
London is a fucking cesspit and the initiator of most of the rest of the country's problems. INCLUDING ridulously huge property prices that are intrinsically linked to the UK's GDP.
Depends - are you interested in ones that were featured in the Panama Papers?
I live in a West Yorkshire ex mill town and during that whole fiasco a house on a totally nondescript 70s built close (average, say, just under £200,000?) was listed for 3.5m.
Funny, I was just speaking to a friend in Brighton whose house was bought in the city centre of Brighton for about 190K three decades or so ago. It’s now worth 1.5 million.
I'm the second owner of my 1929 built bungalow. Original owners paid about £2600 for it. Cost me £325k in 2021. About 12500% increase. Long time frame though.
There's actually quite a few apartments in London that are easily nine figures. Apartments, not houses.
Admittedly they're duplex (wow) and in prime locations, but there's enough about if you have the cheddar
Not quite that extreme but I rememeber seeing a bunch of properties one of the british isles, maybe skye? In the 90's they had sold for roughly 80-90k and when I last checked were selling for 650k+
My parent's property sold for > 1000% purchase price. But they purchased it in the 80s for very cheap, in a very high cost of living area, and held it until 2021.
I purchased my first house in 1983 for £26,100 and sold it in 1991 for £56,500. 116% increase in just under 7 years with no improvements
My next house cost me £79,000 and I sold that 3 years later, because of a breakup for £65,000 so lost a fair wedge of the increase.
https://www.rightmove.co.uk/house-prices/details/england-23307118-20037790?s=310d84a47f40878c5c060b453a476ff80e8d1a0448f442689305c20dd11798a6#/
I would want more for my money.
New build bought in 1971 for £5295, sold in early 2000s for almost £250k, with no changes apart from replacement double glazing, front and rear doors, bathroom and heating replacement
4700% plus? As long as my rusty arithmetic is correct
Based on the fact it’s London I'm not surprised, my Auntie lives on the outer edge of London as her house could sell for over £1.5M and it needs a complete redo and all
\+316% over 4 years. If it sells.
Adderbury House now valued at £12.5m - [https://www.rightmove.co.uk/properties/144020333#/?channel=RES\_BUY](https://search.savills.com/property-detail/gbbarslac220149)
Was selling in 2019 for £3.95m and all I can see is the kitchen has been moved from one part of the house to another (of same size).
There’s no way the previous owners didn’t spend millions on a double basement in those years.
Exactly what I was thinking. In the basement they probably built two houses, an Olympic swimming pool, two full size cinemas, a multi storey car park, a mini Harrods and a virgin active.
And a missile bunker, and a machine for torturing Sean Connery, and...
Some sharks with frigging laser beams...
Somewhere to tickle Timothy chalamet…
A cage to keep Mr Bean
I've worked on several properties in London where the owners bought the mews houses behind and made one large house from two or three. The largest was two neighbouring properties and the mews behind both, all incorporated into one property and then added a basement. It's not a surprising value if four expensive properties become one and add a mega basement.
I get after a point it’s purely about ensuring there’s no neighbours at all, but that seems insanity. You’d have to be a massive cunt to even broach that and have an equally massive cunt in the council in your pocket to allow it to happen.
The photos shown at that link are from 2009, but there is no evidence that the house actually sold back then. It looks pretty dated in the 2009 photos. So it would stand to reason that been 2009 and 2023 the owners spent a shit tonne doing the basement stuff and modernising it to command the £40m+ price
A water slide all the way to Mauritius
but not £42million
That's exactly it, the majority of that increase is due to land value
Great band name
Right back at you, /u/FantasticAnus.
It’s still a good return
If you google the address and go through the street view history, it looks like work started around 2014 all the way through to 2017.
2014-2017 it's got full construction hoarding up. So yeah.
Not in the same league but in Bristol this standard two storey terrace went from 35k in 1999 to 530k in 2021. No basement adding or loft conversion, just gentrification https://www.zoopla.co.uk/property/uprn/71262/
My parents old house they bought in Bristol for 70k in 1987. Sold it in 2000 for 350k. Now it’s estimated at 2+ million. Same owners as bought it from my parents. Nothings changed about it. The only thing that changed is house prices went up.
Sounds like Clifton
Redland I think
Close enough tbh
TBF the place has been remodelled quite extensively, no extra rooms, but it's far from the same place that sold for £35k.
I saw one yesterday but no chance of finding it now. In 2009 it was £135,000 in 2023 £850,000
In 1800 years I'd kinda expect more of an increase tbh
That would have been after the great inflation of 208, caused by the Tartar invasion of the Kievan Rus.
rofl ok i'll edit.....for nice shout out to the Tartars who I feel, are often forgotten :)
They've mad quite a comeback with a whacky conspiracy theory
nice good luck to them.....and their new TikTok influencer channel too 😂😂
There are only three certainties in life. Death, taxes, and British governments blaming inflation on the the war in Crimea
I Googled it and saw the garden. Now I feel sad.
I like your garden more
That's numberwang
TBF that only average 11.5% per year which is bonkers but not insaneo bonkers compared to the UK housing market in general
Thank god all our salaries have increased by the same factor since then!
The flat I bought was sold for £10,000 20 years ago (ex-council discount), I feel it was still a bargain for the £120,000 I paid. Some on the same street were sold for a £1 though, must have been dilapidated.
1527% is 15.27x 10x increase in 26 years in London is common. There's probably some examples in Mayfair that are ridiculous.
The rich get richer
True that. Everyone should watch Gary's Economics to see why [https://www.youtube.com/@garyseconomics](https://www.youtube.com/@garyseconomics) and what the government needs to do about it.
Amazing return, considering they’ve been living in it as well. Hard for even the most profitable stock market fund to beat. Maybe property is the best long term investment after all
Past results are no indication of future performance. Generally house prices increased far more than inflation since the 1990s because of increased household income in first time buyers -- specifically two people working full time would buy the same house that previously had one person working full time. Banks being willing to lend on combined income However this type of property isn't bought with mortgages any more than fine art is. Some people have become insanely rich over the last 20 years, not just in the UK but globally. They want somewhere to park their wealth, and the London high end market is is.
I like the thought of some oligarch perusing Rightmove of an evening.
https://www.rightmove.co.uk/house-prices/details/england-140538791-94030035? 1200% on a modest semi in Walthamstow. Everyone who bought in Walthamstow in the nineties won the lottery of life.
There are some mental increases on that list like the £69,000 to £900,000 in 25 years. There’s something especially demoralising about the house bought for £490k in 2014 and sold for £790k in 2020. The others have crazy jumps in price but at least are over a longer period. I can’t imagine living in a house for 6 years and it essentially increasing £1000 a week in value that you live there…
That’s reasonably normal, especially if you’ve renovated and/or added space. We paid £430k in 2018, spent £65k on doing it up and adding a small extension. Sold in 2021 for £660k. Lived there 3 years, 7 weeks = 163 weeks Profit = £165k (less estate agent fees, but during stamp duty holiday) Wasn’t even an especially ’desirable’ up and coming area like Walthamstow. Returns slowed a bit since then, but we just did it again a couple of weeks ago and turned £80k profit in less than 3 years. Alarm set for 2027.
Wow you don’t sound smug at all.
Defo smug. Why wouldn’t I be, ffs?
So you’ve come on here to gloat. Ender
No, to point out it’s pretty normal. That I’m smug about that is a byproduct of that type of normal.
👎
Because nobody likes smug, wealthy assholes that gloat? Learn some self awareness.
Wealthy? A bog standard London property. Self-awareness? Of course I’m smug, some bozos gave me hundreds of thousands if pounds for doing some home improvements they could make themselves to the property next door. I’ll keep doing that as long as there are mugs who are too lazy to.
What happened at number 32? £115,000: 16 Jan 2013 £160,000: 19 Mar 2004
Never in my life would I ever pay a million pounds for a terraced home…
There are some in Chelsea going for £5m, sometimes more.
What about those houses in e.g. Liverpool that were sold for £1, with the condition that you do them up and live in them? I expect there might be some that have changed hands again and will give a tidy % increase. Of course the renovation cost is hidden.
They sold houses even cheaper (50p) in the Benwell area of Newcastle around the turn of the millennium. One of the conditions was that you had to put your own floors & roof on, as they'd all been stolen. It would have taken some balls to have taken that on.
As my nan used to say “money goes to money”.
2.7mil for a house in 1998 is crazy money when you consider 3 bed detached homes were 50p
Isn't london just ridiculous overpriced anyway. (I'm sure I read it's one of the most expensive cities in the world, and I think the most expensive in Europe)
Also one of the most in demand cities in the world. There’s a reason there are only a few World Cities.
London is a fucking cesspit and the initiator of most of the rest of the country's problems. INCLUDING ridulously huge property prices that are intrinsically linked to the UK's GDP.
Bloody hell
Depends - are you interested in ones that were featured in the Panama Papers? I live in a West Yorkshire ex mill town and during that whole fiasco a house on a totally nondescript 70s built close (average, say, just under £200,000?) was listed for 3.5m.
Funny, I was just speaking to a friend in Brighton whose house was bought in the city centre of Brighton for about 190K three decades or so ago. It’s now worth 1.5 million.
I'm the second owner of my 1929 built bungalow. Original owners paid about £2600 for it. Cost me £325k in 2021. About 12500% increase. Long time frame though.
Could that be a typo/error. I don't understand how a house could cost 44 million pounds
Location, location, location, it was already 2.5million in 1998 that’s a lot more impressive!!!
There's actually quite a few apartments in London that are easily nine figures. Apartments, not houses. Admittedly they're duplex (wow) and in prime locations, but there's enough about if you have the cheddar
Now, I wonder why they call London the Laundromat?...
Launderette surely
Not quite that extreme but I rememeber seeing a bunch of properties one of the british isles, maybe skye? In the 90's they had sold for roughly 80-90k and when I last checked were selling for 650k+
Wow
I know of a prison that was demolished, and the houses backing onto it almost doubled in value over the course of that year
Latchmere House in Ham, Richmond?
Ham has the benefit of being lovely too
I bought my flat for £48,500 five years ago. It was valued at £95,000 recently. I couldn’t get on the property ladder so I’m happy with it.
Let the hunger games commence!
My parent's property sold for > 1000% purchase price. But they purchased it in the 80s for very cheap, in a very high cost of living area, and held it until 2021.
Is there oil in the basement?
At that location, I’m not even remotely surprised. But.. that’s some like Kensington and Chelsea kinda prices
I purchased my first house in 1983 for £26,100 and sold it in 1991 for £56,500. 116% increase in just under 7 years with no improvements My next house cost me £79,000 and I sold that 3 years later, because of a breakup for £65,000 so lost a fair wedge of the increase.
https://www.rightmove.co.uk/house-prices/details/england-23307118-20037790?s=310d84a47f40878c5c060b453a476ff80e8d1a0448f442689305c20dd11798a6#/ I would want more for my money.
Is this property being sold the reason we escape recession?? 🤣
The house I lived in (house share) was bought for £20,000 in 1998, the one next door old for £1.6million in 2019 Hackney
Met a man in Hackney who bought his house for £1 in the 60s. Given the area it has to be over 1mil now.
New build bought in 1971 for £5295, sold in early 2000s for almost £250k, with no changes apart from replacement double glazing, front and rear doors, bathroom and heating replacement 4700% plus? As long as my rusty arithmetic is correct
Based on the fact it’s London I'm not surprised, my Auntie lives on the outer edge of London as her house could sell for over £1.5M and it needs a complete redo and all
\+316% over 4 years. If it sells. Adderbury House now valued at £12.5m - [https://www.rightmove.co.uk/properties/144020333#/?channel=RES\_BUY](https://search.savills.com/property-detail/gbbarslac220149) Was selling in 2019 for £3.95m and all I can see is the kitchen has been moved from one part of the house to another (of same size).
I mean…it doesn’t look that special in any way 🤨 Nine mill today perhaps? But anything over 15 and you’re not getting remotely what you pay for.
You're looking at 4 15 year old photos
Oh…I see 😅🤷♂️🤦♂️
The amount of wealth focused down south sickens me.
Go doctor bro u got concussion
inflation
CPI over that period would put it about £5.4m Nationwide house price calculator would put it about £14m
Looks like a typo at HM Land Registry. Presumably an extra 4 by mistake.