Mould-ridden, unmortgageable Belsize Park home sells for £1.1m after fierce bidding war
A desperately dilapidated two-bedroom London home has sold for a cash payment of more than £1 million following a fierce bidding war.
The mould-riddled Belsize Park property, deemed “unmortgageable” by auctioneers, attracted 58 bids in just three days.
Its price soared from £785,000 to £1,054,500 in little over 48 hours as property hunters with deep pockets and serious vision fought it out for the deeds.
Images show the house – located on a street boasting a blue plaque celebrating a former residence of actor Richard Burton – in terrible condition.
Mould can be seen on walls, doors and window frames and grime covers several internal and external surfaces.
Floors, walls and ceilings are in need of repair, appliances appear to be missing and cupboards look well beyond their useful life.
The Lyndhurst Road property has no drive and its front garden is held under a separate lease stating it can not be converted for parking.
However, auctioneer Hammer Price Homes talked up the “prime” location close to Hampstead Heath, a trio of Tube stops and an array of local bars and restaurants.
Sam Gould, sales director of the local branch of estate agents Chestertons, added that the home was near to good schools and had land to extend on to.
The residence could suit an older couple looking to take on a project to prepare a place to eventually downsize into or for their children to one day live in, he said.
Details of the successful bidder have not been made public but after entering the race at £786,000 on Monday lunchtime, they had to up their offer 24 times to eventually succeed on Wednesday afternoon.
Once they receive the draft contracts, the buyer will have 60 days to hand over a cool £1,054,500 in cash – plus an auctioneer’s fee of £31,635.
Further outlay will clearly be needed to make the house habitable. Renis Gjoka, director at renovation specialists Design and Build London, estimated a budget of £450,000 would be the minimum to bring it up to scratch.
However, the house could still turn out to be a bargain in the right hands.
A terraced house on Lyndhurst road sold for £7.1 million in August 2021, while a maisonette on the street changed hands for £1.9 million at the start of this year.
Across NW3, the average price for a terraced home in late 2022 was £3 million, according to latest available Rightmove data.