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https://www.rightmove.co.uk/properties/130187429#/?channel=RES_BUY
That house does not supply good vibes ofc, so you are right.
Agree that this has bad vibes, but I think it's so cheap because of the required repair cost and low density, not because the land value is necessarily negative.
Interesting to speculate but I reckon at zero land cost you could throw up a block of flats profitably in this location. Or maybe could have done before 2022 inflation.
NickCJ-
Interesting to speculate but I reckon at zero land cost you could throw up a block of flats profitably in this location. Or maybe could have done before 2022 inflation.
Possibly. But no one’s going to sell you the land for nothing. They’ll keep it until it’s worth something. And since it usually takes 2 years from start to finish no one’s going to invest the cost of building unless the return on investment is 20% or more.
Hefty
Prices fell in Ireland (and Spain and lots of other places) because supply was higher than demand. They built more houses than there were buyers. There are houses built in such places in 2007 that have still never been lived in.
There are plenty of towns in the UK where you can buy a second-hand house for less than it would cost to build it new, even if the land were free, which it never is.
https://www.rightmove.co.uk/properties/130187429#/?channel=RES_BUY
That house does not supply good vibes ofc, so you are right.