Despite the fluctuations of the economy, some areas of London continue to maintain their values.
A former barrister and his wife are set to make a staggering 18,000 percent profit on their home, proving once again that Chelsea still holds its appeal as one of London’s most desirable property hot spots.
The Grade II listed property in Halsey Street, which boasts six bedrooms over five floors, was bought by the couple in the 60s, a time when the average wage was just £22 per week and £17,000 for a home was seen as a small fortune.
With a £3m asking price, the 2,000 square foot property has attracted a great deal of interest from wealthy househunters keen to secure an exclusive new home in a sought-after area where there is still room for profit to be made. With some modernisation, and if it were extended at the rear like most others on the street, agents predict the property could be worth nearer £4m.
The property is now expected to be at the centre of a bidding war – ten viewings were made on the first day of it being listed for sale – showing just how much demand still exists for homes in some of London’s most exclusive neighbourhoods.
Full story: Daily Mail