Unmodernised properties in prime locations are attracting creative buyers who can see huge potential price growth when the market improves, according to estate agents Cluttons.
"Both developers and owner-occupiers are searching out the real bargains in this market," said James Hyman, partner for Residential Sales at Cluttons.
"Unmodernised properties in need of complete renovation are coming back into vogue at knock-down prices and offer greater long-term added value than more expensive properties. These may still require a new kitchen and bathroom, but are being marketed at an unrealistic price and fail to take into account these costs."
Unmodernised properties can be bought at considerable discounts and developers are often refurbishing and then letting until the market improves. More creative owner occupiers are seizing the opportunity to buy in a prime location which would have previously been beyond their reach.
Cluttons is currently marketing a number of properties with development opportunities in central London locations, including a four-bedroom, three-bathroom flat in Belgravia for £975,000 - under £500 per sq. foot - which it said had received considerable interest.
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