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More people are buying fixer-uppers amid a housing shortage. But do the sums add up?
8 May 2021 • 5:00am
Grade II listed Mercia Lodge in Spalding, Lincolnshire, needs a total overhaul. It has a three-bedroom annexe and a gated driveway. It is £750,000 with Fine & Country
Some people busied themselves perfecting their baking skills during lockdowns. Others, like Adam Vernon and Abbey Budd, used their spare time more productively: to create their first home together.
The couple, both 24, bought a three-bedroom semi-detached house in the Cumbrian market town of Brampton in October. As first-time buyers their budget was limited, so they opted for a £124,000 project house, which had been empty since 2013.
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This two-storey family home in the heart of St John’s Wood spans a vast 7,074 sqft, with lofty ceilings, beautiful crumbling brickwork and industrial chic steel beams exposed in every direction. All of this for just £5.75m.
When they say it’s derelict, they really mean it – the house is essentially gutted from floor to ceiling, with exposed wooden features that are a hipster’s dream, and quite possibly an architect’s nightmare.
The latter point is perhaps underscored by the fact the building has two recently lapsed planning permissions; one to refurbish the existing home, or a more recent and more extreme permission: to demolish and construct an entirely new home, or even two substantial new townhouses.