Wendy, 70, has been told most houses on her road in Walthamstow, London are worth around £750,000-£800,000 as the property ladder prices reach record highs due to demand
A woman who purchased a house 30 years for £70,000 has been left gobsmacked- after finding out it’s now worth a staggering £650,000.
Wendy, 70, purchased her property in Walthamstow, London, around 30 years ago for her and her daughter but soon wanted to find a bigger home.
MyLondon reported how the expectant mum sold her flat and was in the market for a property- with a budget of £70K.
She said: “I found out I was pregnant when I was living in another flat with a man so he bought my flat and I wanted to buy another house.
“I was living in Walthamstow off Blackhorse Road before so I then I wanted a place big enough for me and my baby.”
Remarkably, Wendy had her property valued nine months ago and was told that her house was now worth a mind-boggling £650,000.
However, she believes most houses on the road are now worth around £750,000-£800,000 due to the amount of work they have had done on their properties.
But Wendy has no plans to sell the home and cash in as she wants her child, who is renting near London, to inherit the property.
With property prices through the roof and the cost of living crisis, young people hoping to buy a property in London are often priced out.
However, it’s the opposite for tech worker Ben Selby, 33 who moved to Walthamstow in 2021 to be closer to his wife’s family.
“We brought the property for £750,000 and we’re now close to £900,000,” he said.
“We’ve done a loft and kitchen but house prices are mad at the moment. I’m glad we brought when we did and I was worried we overpaid.
“I don’t see how young people will buy houses unless through some form of wealth or unless they make £200,000 a year.”
“It’s tough for young people to get on the housing market and it has been since 20 years due to lack of social housing,” said local resident Rosemary.
“I live in Browns Road and I came about five years ago but we always lived in Walthamstow. I guess the property [value] has definitely gone up.
“Right now it’s difficult to buy property with high interest rates so people are strapped for cash.”
Local estate agent Ali believes the drive in prices is due to the fact there are more buyers than sellers.
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He admitted: “Walthamstow has a lot of amenities to offer such as the links to Central London from the Victoria line.
“They are doing developments in the area and more people trying to move in here.
“There’s also a lot more demand because when you have more buyers you have sellers. It’s a question of who wants it most and people are willing to throw a ridiculous amount of money.
“Since Covid-19 to about April this year, there was a big boom due to stamp duty so everyone was essentially buying.
“This has increased value of property all around London and prices have gone up drastically.”