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pig

The Million Pound Terrace Home

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A key observation of 'A Broom Cupboard of Ones Own' (Ross Clark) was that in Mitcham 'workers cottages' that sold for £315-£530 in 2012 prices would be £18,000 to £30,000. Currently values have past the £300,000 mark.

Perhaps what we term as 'wealthy' is changing, but it also seems to point to the fact that land value distortions have created an accelerating mismatch between housing form and property 'value'.

In pursuit of this idea I did a search for Victorian Terrace style new build terrace houses within the M25. And came up with this:

£1m Tooting Terrace House

Looking past the gloss, as far as I can work out they are basically a carbon copy of a traditional terrace house albeit with a side extension and loft conversion. By coincidence Tooting is not far from Mitcham, and comes across still very much an 'average' area on the fringes of gentrified neighbours. This could be changing (and it does have a very weird statistic along the lines of having the most highly paid post-code in the UK) nevertheless...

It does seem to me that like boiling a frog, we have arrived at a point of utter ludicrousness.

Of course many would argue that we are due a massive price correction - henceforth known as the TootingTop ! But setting this aside for the moment, if land values are such that a ''workers cottage' in an average area of London cost nearly £1m, then is it not less ludicrous to be thinking about demolishing vast swathes of terrace homes in Greater London and replacing with flats in 5/6 or higher storey mansion blocks ?

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Unlikely we will see new Mansion Blocks again. They tend to be attractive buildings with good sized rooms and sometimes a pleasant communal courtyard.

New builds are more like the new block that has replaced Charles House, an old BT building at the 'cheap' end of Kensington High Street.. They have extended the outside of the block so that the walls are a hairs breadth from busy Kensington High Street and Warwick Road. The only thing stunning about these luxury appartments is the price. 1 bedroom from £795,000 when I checked 'for a laff' a while back.

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Unlikely we will see new Mansion Blocks again. They tend to be attractive buildings with good sized rooms and sometimes a pleasant communal courtyard.

New builds are more like the new block that has replaced Charles House, an old BT building at the 'cheap' end of Kensington High Street.. They have extended the outside of the block so that the walls are a hairs breadth from busy Kensington High Street and Warwick Road. The only thing stunning about these luxury appartments is the price. 1 bedroom from £795,000 when I checked 'for a laff' a while back.

I had to look at that development you mention. I agree with your comments 100%.

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Unlikely we will see new Mansion Blocks again. They tend to be attractive buildings with good sized rooms and sometimes a pleasant communal courtyard.

New builds are more like the new block that has replaced Charles House, an old BT building at the 'cheap' end of Kensington High Street.. They have extended the outside of the block so that the walls are a hairs breadth from busy Kensington High Street and Warwick Road. The only thing stunning about these luxury appartments is the price. 1 bedroom from £795,000 when I checked 'for a laff' a while back.

The problem in quality actually leads back to land values and the way we procure these buildings - no reason in principal why the quality can't actually exceed those of the past.

The thing is, while Mansion Blocks would be seen as acceptable around Kensington High Street because this it's the centre of town, land values point to the fact that we should be erecting them where people would find them unacceptable.

In my slightly fascist thought experiment, Local Authorities should be waving their planning wand over nice Zone 3 terrace home areas with a view to levelling them and then increasing capacity 3x or more - the urban form would then more accurately reflect and better service what London actually is.

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I had to look at that development you mention. I agree with your comments 100%.

efc41a458aade9279c83cbfb2bf8e10f.png

6262fbdd6ec8ca8118cb9bf63844025b.png

Now move this to the leafy suburbs of outer London, from Hampstead to Wimbledon and remove their ridiculous 'workers cottages'.

Wouldn't that be a more appropriate form for the land value ?

Edited by pig

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  • 241 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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