Homeowner puts his rundown five-bedroom house on the market for a staggering sum in a move that ‘depresses’ his neighbours

Neighbors of the five-bedroom house, which has sparked a ‘crazy valuation’ debate online, say the price tag is depressing.

The house in Wanstead, north-east London, has gone on the market for £3 million, despite average property prices in the area being £756,000.

Situated on a well-heeled road, the 1950s detached house has three balconies, a wide driveway and a garden.

Offering stunning views of the 18-hole Wanstead Golf Club, which sits on the grounds of the former Wanstead House estate dubbed the ‘English Versailles’, the seller hinted that the house could be leveled and a new one built in its place.

This would apply to a road of stately homes that could fetch £2.2m, although the properties have been significantly modernized compared to the £3m listing.

A property expert told the Daily Mail that the price of the house, at around £1,292 per square foot (twice that of the neighboring road), was ‘ridiculous’.

However, estate agents Stow Brothers, who are selling the property, say the property offers ‘incredible natural light and charm’ and has ‘fantastic potential for refurbishment or redevelopment’.

The nearest tube station is a ten-minute walk away, and the RightMove listing says the area offers ‘great local schools’ and ‘plenty of greenery’.

Advertising photos show carpeted stairs with taped-off areas and piles of trash

Bathrooms also look like they need a touch-up, as this old interior from the listing shows

The house is chain-free and offers sufficient parking at the front for at least three cars, while there is also a garage.

But online reviewers were unconvinced, branding the asking price a ‘bat**t’ valuation for a ‘zero maintenance’ home.

Reddit user said: ‘Duct tape on the stairs. Tired decor. Zero maintenance in outdoor areas.

‘£3 million is crazy.’

Another added: ‘So that’s what you Londoners pay? And you have to buy new carpets too?’

When the Daily Mail visited the house on Thursday, the seller said he was surprised to see it being discussed online but was confident the property would fetch £3 million.

He declined to comment further, saying it was a ‘private matter’.

But neighbors on the street expressed disbelief at the asking price, while others were baffled as to how a house requiring major work and even reconstruction could cost such a high amount.

The interior rooms are spacious but don’t have much decor and are in need of a clean paint job.

The gardens of the five-bed detached house were poorly kept but the property is located within the grounds of the former Wanstead House estate, which has been dubbed the ‘English Versailles’.

The property has three balconies and has fantastic views over the 18-hole Wanstead Golf Club, but it will need some new furniture and modernisation.

One stranded man said he had recently moved into his late mother’s bungalow and was having a hard time seeing the area where he had lived all his life change before his eyes.

The man, who did not want to be named, said: ‘God, three million pounds? It will obviously be demolished.

‘Wanstead has gone crazy, every time I pass an estate agent it feels like mega money.

‘Everyone who seems to have bought from here is making super improvements, I don’t know where everyone’s money is coming from.

‘I’m surprised people have to spend so much in this time of austerity. There is another house worth £2.5 million. It’s very depressing.

‘But I think it’s a unique road, with views of well-maintained land at the back with a golf club.’

Despite the potential to make money from the astronomical prices seen along the way, he said he has no intention of selling.

He added: ‘This makes me think of selling but where do I go?

‘I love living here, it’s nice to know everything is going up in value but I have no intention of selling. ‘I’m going to have to spend a lot of money renovating the place.’

A woman the Mail spoke to said she was aware of the sale and described it as ‘madness’.

He added: ‘There’s one down the road and it’s on the market for £1.2m, a small, detached, two-bedroom. It has been rented for years. ‘I really don’t understand it all, it’s completely slipped my mind.’

Another lady said that she had been living in this area for 39 years and had witnessed an unrecognizable road change.

‘Half of these houses are newly built, I remember they were all 50s houses with normal, ordinary families in them, now there are bankers, businessmen and foreign buyers,’ he said.

Property expert Vivienne Harris, of Heathgate Properties in Hampstead, said she was surprised by the asking price for a house that was not very attractive and needed updating.

While he acknowledged the house was located on a large plot of land, he warned that the ‘stagnant’ housing market could force the seller to reduce the asking price.

He said: ‘The house looks very expensive to me. The asking price is almost £1,292 per square metre, which is comparable to parts of Hampstead NW3.

‘The not-so-nice houses on the next street are selling in modernized condition for around £661 per square metre. So twice the price is ridiculous.

‘It’s situated on a large plot of land, so perhaps the owners think it could be a development site, but it still looks expensive, especially as it has the original bathrooms, isn’t very attractive from the outside and needs updating.

‘The market is currently extremely depressed, mainly due to current financial uncertainty and concerns about the upcoming budget, so prices have stabilized, if not fallen slightly, with very low viewing levels, presenting a rare situation.’