Garden in Chelsea sells for over £80,000
The plot of land went up in price by over £31,000 in 8 months
A small garden in the affluent west London area of Chelsea has sold for £84,000.
In what appears to be a symptom of steepening property prices in London and the looming prospect of a UK housing bubble, a foreign buyer bought the plot at an auction despite it having no rights of way, or planning permission for development, the Evening Standard reported.
The lawn garden near Sloane Avenue, which measures 55ft (17m) by 40ft (12m), was sold for over the average price of a home fewer than 300 miles away in the northern city of Durham, according to the newspaper. This means the land was valued at £1.68 million per acre.
By selling the plot, its previous owner is believed to have made £31,000 in profit in just eight months, after it was acquired for £53,000 last September.
Read more: Should you build your own home?
The £563pcm flat with bedroom, kitchen and shower in one room
It was sold by Savills, whose director of national auctions, Christopher Coleman-Smith, told the newspaper: “The new owner can do what he likes with it. I suppose he could put up a marquee when the flower show comes around.
“Little bits of London like that are in scarce supply, and in 20 years time who knows what it might be possible to do with it?” It is the latest example of a tiny slice of London real estate selling for a huge sum despite not having planning permission to build on it.”
The sale comes almost a month after the Office for National Statistics revealed that London house prices shot up by almost double the value of London salaries over the past year, making it ever more difficult for young people to step onto the property ladder.
- 2 Qataris pledge to expand Canary Wharf
- 3 #JeSuisEd: People share photos of themselves eating awkwardly in solidarity with Labour leader
- 4 Women think Irish men are the sexiest, survey finds
- 5 Florida couple forced to register as sex offenders for having sex on public beach
#JeSuisEd: People share photos of themselves eating awkwardly in solidarity with Labour leader
Florida couple forced to register as sex offenders for having sex on public beach
UK election candidates: 'Nasty party' Ukip faces fresh questions on eve of vote
Who should I vote for in the general election? Take The Independent's interactive quiz to find out which party's the right choice for you
Ohio 'Shawshank Redemption' fugitive Frank Freshwater arrested after 56 years on the run
In defence of liberal democracy
General Election 2015: Post-election 'shambles' looms as 70 per cent of voters say SNP 'should not be able to veto UK government policies'
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
General election live: SNP suspends two members for disrupting Labour rally
General election live: Booths open at 7am across the country on polling day
£35000 - £40000 per annum + car and benefits: Ashdown Group: Marketing Manager...
£18000 - £20000 per annum: Ashdown Group: Helpdesk Analyst - Devon - £20,000 ...
£35000 - £50000 per annum + generous bonus: Ashdown Group: Business Analytics ...
£45000 - £50000 per annum: Ashdown Group: IT Project Coordinator (Software Dev...