The price of residential property in Brixton recently ratcheted up another step towards unaffordable to all but the wealthiest.
A derelict property off Acre Lane was auctioned for £1,210,000, but the “guide price” auctioneers expected it to go for was £700,000+.
Nearby residents say that the property, 96 and 96A Branksome Road, is vandalised, with holes in the roof, all its copper piping stolen and rooms waist-deep in rubbish.
The auctioneer’s description said that it requires “a full programme of refurbishment”.
It also noted that the site is a ”potential development opportunity”.
One Brixton estate agent in sales told the Blog: “The housing market peaks and troughs. It’s good for the residents, because if that kind of property is getting that kind of money for it, it’s only going to help their prices if and when they want to leave the area.”
Another property on Branksome Road is on sale for a guide price of £1,250,000.
The agent, who has worked in property for 19 years, said this is the weirdest housing market he has been in.
“I don’t know why it went for that much, but it goes to show there are still people out there with that type of money,” he said
Brixton has become desirable for commuters who travel into central London, but the pandemic means a many are now working from home.
According to the agent, the Brixton property market is far from its busiest period. He said in 2015 prices increased by 33% in less than six months.
For many people in fear of losing, or have already lost their jobs, a property sold for over £1,000,000 in a disused conditions is unimaginable. But, for some, there is an urge to secure a safe price for the property they wish to buy or sell.
A question on many residents’ minds is whether the million-pound property will change into high-priced flats and who may live there next.