The house that gained £800,000 in three years: Huge increase in price of home in South West London is latest example of capitals booming property market Home in Southfields, London, was run-down and worth £575,000 in 2011 Laura and Andrew Blake turned it into an ultra-luxury home worth £1.4m It comes after ONS said house prices in capital are rising 19% a year By BECKY BARROW PUBLISHED: 22:37, 17 June 2014 | UPDATED: 22:37, 17 June 2014 38 shares 62View comments Just three years ago, this was a run down house worth £575,000. But with a lot of love and devotion, its new owners transformed it into an ultra luxurious property. And now it has gone on the market for a cool £1.395million. This means that in three years it will have earned its owners £800,000 – about £660 a day. +4 Unassuming: This house in south west has more than doubled in value over three years after a major revamp +4 Understated: The whole house is painted in ivory and many features are hidden, including a full rowing machine The price of the house in Southfields, South-West London, is the latest example of London’s soaring property market. Yesterday, the Office for National Statistics said that house prices in the capital are rising by nearly 19 per cent a year, the second fastest rate since its records began. More... First-time buyers bear the brunt of booming property market as house price rises hit four-year high of 10% Castle in the sky! Giant £245-a-night treehouse opens as a holiday home - with turrets, a balcony and underfloor HEATING The average home in the capital now costs £485,000, which means it will cross the landmark of £500,000 within weeks if house prices continue to rocket. Laura and Andrew Blake bought the house in January 2011 from an elderly woman. Mr Blake, 42, who works for the project management company Lifestyle Homes, and his wife, a former primary school teacher, took it on as a renovation project. +4 Hot property: The kitchen includes an instant boiling water tap so the couple never have to switch on a kettle They installed a designer Jacuzzi, a rowing machine hidden under a trap door in the kitchen and a boiling water tap so they never have to switch on a kettle. They also have a double-sized ‘rain shower’ and a laundry chute leading away from each bedroom directly to the laundry room. In the garden they created a golf putting green and planted lemon trees lit by sensor lights to give them lemons all year round. Mrs Blake said: ‘We loved doing the project and we’ve really enjoyed the space. I must admit we are pleased with the price.’ They now plan to move to another rundown house in the area and work their renovating magic on it. +4 Green shoots of recovery: There is even a small area for putting practice for the two golf enthusiasts Figures from the Council of Mortgage Lenders show there is more mortgage debt in south-west London than there is in the whole of Wales. Homeowners in the area now owe a total of £29.4billion, compared to £28.6billion in Wales. Yesterday the Bank of England said it would ‘not hesitate’ to take urgent action, if needed, to cool the housing market. The governor Mark Carney said he was ‘fully aware’ that rock-bottom interest rates might encourage families into ‘excessive risk taking’, such as taking out a super-size mortgage which they can only afford when rates are low. Share or comment on this article 38 shares Ads by Taboola FROM THE WEB UK Police Unveil New £240k Cop Car Sun Motors How People are Paying Next To Nothing For Ne… ConsoBlogger Impact Investing : Its Not Philanthropy Impact Investor Muller does demolition job on Portugal Dailymotion The 6 WORST Things You Can Do If You Wan… MAX Workouts Top 5 Kitchen Cleaning Tips That Will Save Ene… British Gas Rebirth Honda NSX Moves A Step Closer Auto Express 21 Desserts That Should Be Illegal Foodnetwork.co.uk Read more: dailymail.co.uk/news/article-2660654/The-house-gained-800-000-three-years-Huge-increase-price-home-South-West-London-latest-example-capitals-booming-property-market.html#ixzz34y88zs82 Follow us: @MailOnline on Twitter | DailyMail on Facebook
Posted on: Wed, 18 Jun 2014 06:16:15 +0000
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