It has almost become the new cool thing to help fuel the already ludicrous London property market, by throwing insane amounts of money at properties that are barely worthy of the title. As London prices continue to grow, whilst the lack of property in the capital remains a burning issue, those looking to get a foot on the ladder are resorting to increasingly drastic ways of doing so.
Last week a buyer shelled out just shy of a £1m, for a pre-fabricated shed in Peckham. We thought that this must have taken the property biscuit for the most ridiculous purchase in the capital, but perhaps we were wrong.
As those already on the ladder, particularly in some of the capital’s most prestigious boroughs, look to expand rather than move to a bigger property, the rise of the basement extension has become popular in London. Knocking through the floor to create another level is often the only viable option for those residing in London town houses, however they already own the property and the existing floors above it.
But now one property developer has purchased the ground beneath an existing flat for £150,000. Not the property itself, just the mud and rocks that lie beneath.
The plot of land is located beneath an apartment block in Queen Square in Bloomsbury, central London. The building itself is some 80+ years old and the plot measures just 1,975 square feet, but in true London property fashion, it went for £30,000 more than the reserve price.
The lady in question has remained anonymous and probably for the better, should she want to avoid being carted off to the nut house. But is this the next “in thing” that could soon sweep the London property market?
£150,000 might not seem a lot in the grand scheme of the London market and, is certainly cheaper than the average house price of £765,018 in Bloomsbury. However with a basement extension costing around £500,000 to start, for an extension of around 1,000 square feet, there is still a long way to go before a developer can cash in on their profit.
If this trend does catch on, it may not be too long before developers are purchasing plots of thin air on top of, or around existing buildings, in order to secure the latest London property development.