The strength of the real estate market often reflects the strength of the economy. If you believe in this logic then there is reason to be happy about the state of the economy as a tiny strip of land measuring one hundredth of an acre has been sold for over £120,000. A large tree currently stands on the land and it is surrounded by fencing. If you can call it a garden, you must admit that it is one of UK’s most expensive gardens considering the price it fetched. It is a miniature outdoor space measuring just 440 square feet and the latest transaction has made its every square foot worth an incredible £272.73.
If Auctioned, It Would Have Triggered a Bidding War
The small garden or the street corner plot is located in Fulham, West London. It was originally scheduled to be auctioned by the auction house Strettons and they had estimated the value of the plot of land to be around £85,000. The news of the impending auction had created a buzz in the neighborhood and an intense bidding war was expected to break out between neighbors. However, a nearby resident snapped up the plot just before the auction. Estates Gazette, a real estate magazine had carried a story about the plot and had reported that over hundred buyers were interested in acquiring the plot which is conveniently located close to the Fulham Broadway station.
The House Prices in London Have Gone Up Significantly
Strettons had released a sales catalog for the sought after plot and described it as being suitable for a number of uses, including a car park, subject to relevant permission from local bodies and their authorities. It won’t be out of place to mention here that past owners have tried several times to build on the plot but have never received the permission. But the times are changing and one can be optimistic about the possible change of heart of the authorities. In any case the transaction has boosted the morale of the property market and it is a sure sign that the real estate market in London and the South East is looking up. If you look at the recent transactions in the recent months it is clear that the average price of a London house has gone up by as much as £50,000 in the past month alone.