According to Nick Millican, for those who are looking to escape the high costs of living, many have found that leaving London is a necessary step to making their dream come true. London’s housing market finds new ways to shock as the battle for property continues to rage. Nick Millican points to a recent listing in South Wimbledon as a sign of the health of London’s residential real estate sector.
The latest listing in Wimbledon shows a nearly derelict property needing a complete renovation. Despite the shocking state of the property, it has been listed at just under $700,000. Real estate expert Nick Millican agrees with others that buying the property and upgrading it would cost around $1 million.
The property has come onto the market after the death of its owner, with the property showing glimpses of a stylish past. Nick Millican points to the bright wallpaper that shows the house was cared for in the 1970s.
Required upgrades include a complete rebuild of a ground-floor extension that holds the property’s bathroom, Nick Millican informs. Images of the property’s interior include a hole in the extension’s roof. The hole has allowed debris to build up in the bathtub and throughout the bathroom.
Millican believes the ground-floor extension will be knocked down and rebuilt for safety. Despite the property’s condition, Nick Millican is not shocked to see offers arriving for the South Wimbledon property. South Wimbledon has seen plenty of homes sell for large amounts, including almost $1 million for a refurbished terraced house.