The owner of a modest former ‘council house’ which has been put on sale for a staggering £3.5million has defended the enormous asking price – after it attracted widespread mockery.
The extraordinary asking price for a four-bed semi of its kind has caused astonishment among neighbours and potential buyers – but now its vendor has claimed it is justified because he has spent £1.4 million renovating.
Accountant Lukov Nikolov – who is asking three times the amount he paid for the property – said: ‘I spent £1.4million renovating the house after I bought it…I don’t know if it will sell, but we will see.’
The house was built in the late 1950s as part of a council house and wider publicly-funded building boom – and is thought to have been with the adjoining semi filling in a gap among much older 19th century homes left by a WWII bomb.
It wasn’t leased to regular council tenants but used by police officers who were typically relocating to work in London for the Met Police – but in every other respect it’s equivalent to other nearby council housing in style and size.
The owner of a modest, semi-detached four-bedroom North London home on the market for a staggering £3.5million has defended the price. The house was built in the late 1950s as part of a council house
Miroslav Nikolov – who is asking three times the amount he paid for the property – said: ‘I spent £1.4million renovating the house after I bought it…I don’t know if it will sell, but we will see’
This is the interior kitchen of the family home in Canonbury, Islington, where the average home sold for £934,290 over the last year
The property was sold off in 2015 and bought by it’s current owner, Miroslav Nikolov for £1.2million – before he began to alter it
The Bulgarian accountant and his wife Srebrina – who also own another house in the same street – say they have renovated and extended it considerably since
The property was sold off in 2015 and bought by its current owner, Miroslav Nikolov for £1.2million – before he began to alter it.
The Bulgarian accountant and his wife Srebrina – who also own another house in the same street – say they have renovated and extended it considerably since. And when visited this week there was building work being done.
Mr Nikolov was able to dig down and create a new spacious basement ‘flooded with natural light’, increasing the properties square footage by a third.
The property now deceptively spreads over 3650sq ft of interior space and has four floors as well as its own cinema room, which, in the view of Mr Nikolov justifys the £2.3million increase in value.
Mr Nikolov’s second property along the road he bought for the relatively small price of £878,000 before renovating it too. It’s not clear what his plans for that place are.
Properties in Canonbury sold for an overall average price of £934,290 over the last year, according to RightMove, with the majority of sales being flats, which sold for an average price of £633,512.
Terraced properties sold for an average of £1,659,972, with semi-detached properties fetching £3,873,333 – placing the property currently for sale slightly below average.
The price of homes in the family-friendly London neighbourhood soared over the last year by nine per cent.
Mr Nikolov was able to dig down and create a new spacious basement ‘flooded with natural light’, increasing the properties square footage by a third
Since moving into the area in 2012, Mr Nikolov and his wife Srebrina have become familiar and popular faces in the neighbourhood
The property now deceptively spreads over 3650sq ft of interior space and has four floors as well as its own cinema room, which, in the view of Mr Nikolov justifys the £2.3million increase in value
Properties in Canonbury sold for an overall average price of £934,290 over the last year, according to RightMove, with the majority of sales being flats, which sold for an average price of £633,512
But even though prices are on the rise in the area, many of Mr Nikolov’s neighbours think he’s being too optimistic.
One of his neighbours told if the house sold for that price he would consider putting his substantially larger property on the market.
He said: ‘That can’t be right! If that sells for £3.5million, I will put my house on the market for £5million the next day. It won’t sell for that much in a million years.
They’ll never get that, even with a basement put into it. His other property on the road is very nice, he put a lot of effort into the renovations. But £3million will be silly.
‘Most of the little houses along here range from £1.3-1.8million depending on what they have done to them.’
The price of homes in the family-friendly London neighbourhood soared over the last year by nine per cent
Mr Nikolov also owns another property along the road which he bought for the cool price of £878,000 before renovating
Properties in Canonbury sold for an overall average price of £934,290 over the last year, according to RightMove
Miroslav Nikolov (right). One of his neighbours told if the house sold for that price he would consider putting his substantially larger property on the market
Another neighbour agreed, saying: ‘That’s not worth it for the price. They are smoking crack if they think they will get that amount!’
Since moving into the area in 2012, Mr Nikolov and his wife Srebrina have become familiar and popular faces in the neighbourhood.
And some of their friends think the Bulgarian couple may be on to a winner.
One said: ‘He’s a nice guy and is always joking with people.
‘I think it will sell for the price. People love this road, it doesn’t feel like you live in London when you’re here. Some of the houses along this road go for about £5million, so it’s not the most expensive place here.
‘If you renovate properly, you can easily double the value of your home here.’
Another agreed, saying: ‘It’s savvy from him. If you increase the square foot of a property here, a £2million rise in nine years isn’t out of the question.’
Despite this vote of confidence, many on social media appeared to be taken aback by the home’s plain exterior and have been quick to compare the semi-detached home to beautiful sprawling houses available elsewhere across Britain.
For almost half the price of the London property, home buyers could bag a large six bedroom home in Durham, or even a 13 bedroom mansion, more akin to a castle, in rural Scotland.
‘London prices compared to the rest of the country is crazy,’ one said, while another added, ‘utterly bonkers, I’ll never get the fascination with wanting to live near London.’
By comparison, this six-bedroom home near Durham, set on 20-acres of land was on sale in June for £1,750,000
By contrast, for less than half the price of the London semi-detached home, this 13-bed property in the Cairngorms National Park in Scotland, is on sale for £1,200,000
Mr Nikolov and his wife Srebrina. One neighbour said: ‘It’s savvy from him. If you increase the square foot of a property here, a £2million rise in nine years isn’t out of the question’
Another fumed ‘Who’s paying £3.5 million for a four bed semi-detached? It’s absurd’, while a fourth said: ‘It’s a different country compared to the rest of the UK. Complete rip off.’
The north London property, described on RightMove as a ‘beautiful family home’ in ‘the final stages of a full renovation’.
The floor plan reveals there is a lower ground area, ‘flooded with natural light’ and kitchen-dining area, while the upper floors contain three double bedrooms, each with their own ensuite.
Properties in Canonbury sold for an overall average price of £934,290 over the last year, according to RightMove, with the majority of sales being flats, which sold for an average price of £633,512.
Terraced properties sold for an average of £1,659,972, with semi-detached properties fetching £3,873,333 – placing the property currently for sale slightly below average.
The price of homes in the family-friendly London neighbourhood soared over the last year by nine per cent.
Those on social media, however, were quick to point out for less than half the price, house buyers could purchase a six bedroom home with four bathrooms for £1,750,000 in Long Garth, Durham.
The large home, built in 1850 in the city’s suburbs, spreads of 20-acres of formal gardens, fields, paddocks and woodland, has a tennis court, an outdoor huts as well as a two bedroom cottage with a studio.
A Grade II listed Victorian Villa in Stoke, Plymouth – equipped with a pool and a wine cellar – by comparison is on sale for £800,000
One neighbour said: ‘I think it will sell for the price. People love this road, it doesn’t feel like you live in London when you’re here. Some of the houses along this road go for about £5million, so it’s not the most expensive place here’
On the other hand, this is the 20-acres of land the buyer of the cheaper Durham home will get with their property
For those happy to live in the middle of nowhere, a 13-bedroom mansion in the Cairngorms National Park in Scotland, also is on sale for a fraction of the price of the London property.
Set on eight acres of woodland, the shooting lodge is on the world famous Glenlivet Estate. As well as the main home – The Coach House – those buying the property will also get the keys to The Stag Shed – a cosy bunkhouse for three more people.
Meanwhile, a Grade II listed Victorian Villa in Stoke, Plymouth, by comparison is on sale for £800,000. The semi-detached home, with five bedrooms and three bathrooms, comes equipped with its own wine cellar and a swimming pool.
While the majority of people appeared outraged by the price of the property, others pointed out the home was in a much-short after area of London. ‘Location, location, location,’ an observer mused.
One said: ‘This isn’t about the house. It’s about the plot of land. That house is on the best street in Canonbury. It’s absolutely ripe. I’m not saying this isn’t bonkers but it’s context you need.’
Another said: ‘That’s Canonbury north. It’s like crossing the street and you’re in an idyllic countryside village when actually you’re in Islington. That’s a luxury that people will pay for.’
A third added: ‘I’ve lived in both Durham and London. Trust me, the London property is the better value.’
London property prices remain higher than the rest of the UK as the supply cannot keep pace with the demand of the capital, while the land remains more scarce than rural parts of Britain.