A leading estate agent in London has revealed a glut of properties awaiting modernisation and shrewd investment in a sought after part of the capital.

Mark Pollack, co-founder and director of the Aston Chase estate agency, says: “Over the past few months, we have had the privilege of marketing a series of fine homes in and around Hampstead, which have all attracted considerable interest from prospective purchasers.

“With the recent sharp rise of interest rates, the cost of borrowing looks set to stay relatively high into 2024 resulting in some homeowners, who have been treading water hoping to ride out the storm, finally deciding that now, ahead of a General Election at the back end of 2024, is the time to sell up.”

He says that as a consequence there is an unusually large number of rarely available properties coming to the market for the first time in many years. 

“A number of these require major refurbishment but offer exceptional scope for discerning buyers willing to take on a project. Similarly, there are many motivated vendors willing to be pragmatic about price if a buyer is able to perform swiftly without the need of finance.”

He says many find the area seductive because buyers often get more bang for their buck than say, in the likes of St John’s Wood or Primrose Hill, but still within excellent proximity to the West End and City yet with immediate access to the iconic 790-acre landscape of Hampstead Heath.

Pollack cites some examples.

The first is a landmark property on Hampstead Lane, opposite Kenwood House and directly across the road from Hampstead Heath. Sitting on a 0.53 acre plot and featuring 12,550 square feet of accommodation, the unmodernised eight-bedroom mansion, which comes with an indoor swimming pool and parking space for up to 10 cars, was built 30 years ago in a blend of Neoclassical and contemporary style.

The savvy purchaser can choose to carry out a comprehensive refurbishment and modernisation project which could transform the property and significantly increase the capital value. 

Subject to the necessary planning consents, an investor could build a brand new substantial residence with approximately 15,000 square feet to include a lower ground floor leisure / well-being space with a resulting value of up to circa. £22.5 million.

Already Hampstead family home is a semi-detached 4,437 square feet six-bedroom period house on Ferncroft Avenue. The four-storey home comes with a 70 foot long southwest facing garden, four receptions and a huge children’s playroom, plus an integral garage and private off-street parking.