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Home in Southfields, London, was run-down and worth £575,000 in 2011. Laura and Andrew Blake turned it into an ultra-luxury home worth £1.4m. It comes after ONS said house prices in capital are rising 19% a year.
Just three years ago, this was a run down house worth £575,000. But with a lot of love and devotion, its new owners transformed it into an ultra luxurious property. And now it has gone on the market for a cool £1.395million. This means that in three years it will have earned its owners £800,000 – about £660 a day. Scroll down for video. Unassuming: This house in south west has more than doubled in value over three years after a major revamp. Understated: The whole house is painted in ivory and many features are hidden, including a full rowing machine. The price of the house in Southfields, South-West London - on sale with Kinleigh Folkard & Hayward estate agents - is the latest example of London’s soaring property market. Yesterday, the Office for National Statistics said that house prices in the capital are rising by nearly 19 per cent a year, the second fastest rate since its records began. The average home in the capital now. costs £485,000, which means it will cross the landmark of £500,000. within weeks if house prices continue to rocket. Laura and Andrew Blake bought the house in January 2011 from an elderly woman. Mr Blake, 42, who works for the project management company Lifestyle Homes, and his wife, a former primary school teacher, took it on as a renovation project. Hot property: The kitchen includes an instant boiling water tap so the couple never have to switch on a kettle. They installed a designer Jacuzzi, a rowing machine hidden under a trap door in the kitchen and a boiling water tap so they never have to switch on a kettle. They also have a double-sized ‘rain shower’ and a laundry chute leading away from each bedroom directly to the laundry room. In the garden they created a golf putting green and planted lemon trees lit by sensor lights to give them lemons all year round. Mrs Blake said: ‘We loved doing the project. and we’ve really enjoyed the space. I must admit we are pleased with the price.’ They now plan to move to another rundown house in the area and work their renovating magic on it. Green shoots of recovery: There is even a small area for putting practice for the two golf enthusiasts. Figures from the Council of Mortgage Lenders show there is more mortgage debt in south-west London than there is in the whole of Wales. Homeowners in the area now owe a total of £29.4billion, compared to £28.6billion in Wales. Yesterday the Bank of England said it would ‘not hesitate’ to take urgent action, if needed, to cool the housing market. The governor Mark Carney said he was ‘fully aware’ that rock-bottom interest rates might encourage families into ‘excessive risk taking’, such as taking out a super-size mortgage which they can only afford when rates are low.