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£700k in 2019 would be worth, say, £900k excluding works before any Kwarteng discount?
If they have done the full side return & loft job to a decent standard then they could be over £200k in the hole for costs. Add £100k for stamp duty on the way in, the place they had to rent during the building works and agency fees and £1.2 mm is the closest round number. Not a lot of profit in it at that level given the hassle.
As to whether it's worth that... I would have been surprised when rates were <2% and shocked now rates are >5%.
NickCJ
@NotThamesWater
Are prices going nuts at the moment? People round the corner bought for 700k in 2019, did a load of work, including a loft and rear extension, and are now asking for 1.2m
I thought the days of recouping double extension costs were long gone.
Victorian 4 (was 3) bed terrace, for context.