Yahoo Finance From £17,000 to £3 million: The home that turned into a family fortune
A Chelsea home is now worth nearly 200 times as much as when it was bought in 1967
When a couple bought a London home to raise a family in 1967, they couldn’t have guessed that by the time they hit retirement, the house would be the equivalent of winning the lottery.
Soaring property values have seen the Chelsea townhouse bought for £17,000, rocket to a value of £3 million.
The average house price in the sixties was £4,000, so the home was still expensive at the time it was bought.
But in the 46 years since the couple moved into home, Chelsea has become increasingly popular with the super wealthy. Film and pop stars, international royalty and Russian oligarchs alike have clamoured for a piece of West London real estate.
Today's equivalent of £17,000 is approximately £260,000, meaning the couple's investment has increased by more than 10 times in real terms.
The Grade II listed home had more than 20 viewings in just two days, with a Russian couple making the first bid, according to the property’s estate agent Kaye and Carey.
As the home needs modernisation, further works could see another £1.5 million added to the value of the property, according to estate agent Matthew Kaye.
The English couple raised four children in the six-bedroom home, and as three have now moved into homes of their own, are downsizing to a smaller and more manageable home.
They will use some of the profit from the home to help their fourth child on to the property ladder.
The Grade II listed home is within walking distance of Sloane Square and Knightsbridge, a favourite haunt of well-heeled Londoners.
James Pace, head of Knight Frank Chelsea, said: "Chelsea has managed to retain its charm which has only added to its appeal.
"People are drawn to the world famous King’s Road for their shopping and dining needs, there are excellent galleries and some of London’s finest parks are nearby."
[Related feature: How much UK house prices have really risen]
