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This comes back to unalterable factors like location, footprint, orientation and garden size, trumping all else. Potential to extend is also a big factor.
I got lucky and ended up with a semi-detached house with side access in Leyton that was also a total wreck. The side access, with ability to extend into it, was the killer app; I wouldn’t have paid any more for the place had it not been a wreck.
ectoplasmosis
Yes, this does seem to be the case.
Places which are basically ruins are still going for maybe 70% of the price of a ready to move in place.
Worst value are the places which have been treated to trade's white emulsion, laminate flooring and a cheap kitchen from Wicks. These might be on for close to the price on a nicely done place, and highly likely that many of the major jobs won't have been undertaken, and the work that has been done will just need re-doing in a few years.
Arguably, best value are the places that have been someone's personal project and they have outgrown or decided to move to the 'burbs or whatever, where they have put in really nice quality fixtures and fittings, and done most or all of the big jobs. They will have sunk a lot of money in, of which only a relatively small portion is reflected in the sale price. Only real downsides here are that people have bad taste and pushing the budget or over budget on the larger size places we are looking at.