Derelict properties command nearly £240,000
Adam Morris, of LandSale, says many homes that have fallen into disrepair are still valuable assets for sale.
Derelict properties are attracting average asking prices of nearly £240,000 in some locations, new figures reveal.
Development opportunities in the South East are reaching £237,500, according to the property portal LandSale.
The typical asking price for a derelict home across Britain stands at £122,500, with an average plot of 6.26 acres, although this falls to 1.42 acres in the South East.
Ranks second
The North West ranks second, where derelict properties command a typical asking price of £213,750, although buyers get considerably more for their money, with an average plot of 10.37 acres.
In the East Midlands, the typical asking price stands at £200,000, while in Wales it’s £195,000 and Yorkshire and the Humber, £150,000.
At the other end of the market, buyers looking for a renovation opportunity will find the lowest typical asking prices in the South West, at £67,500, followed by Scotland at £75,000.
Derelict properties shouldn’t be viewed as housing that has fallen into disrepair.”
Adam Morris, Founder of LandSale (pictured), says: “Paying close to £240,000 for what may essentially amount to a derelict shell or, in some cases, little more than a pile of bricks and a plot of land, certainly demonstrates just how valuable property opportunities remain in parts of Britain.
“But derelict properties shouldn’t necessarily be viewed as housing that has simply fallen into disrepair.”
The latest Lloyds HPI, released this week, shows the average property price overall is now £298,468.
