UK Property

Man slammed for selling former ‘council house’ for £3.5m – despite £1.4million of renovations


Owner Lukov Nikolov said the price is justified because he spent £1.4 million renovating it – but neighbours and potential buyers say he’s being too optimistic

Mr Nikolov purchased the property back in 2015 and is selling it for triple the price(davidastburys.com)

A man who was slammed for selling his modest former ‘council house’ for £3.5 million has defended the huge asking price.

Neighbours and potential buyers were shocked to discover the four-bed semi, located in Canonbury, London, was selling for three times the amount it was originally purchased for. The property’s vendor says the price is justified because he spent £1.4 million renovating it.




Accountant Lukov Nikolov said: “I spent £1.4million renovating the house after I bought it… I don’t know if it will sell, but we will see.”

The property, built in the late 50s, was part of a council house and wider publicly-funded building initiative. While it wasn’t leased to regular council tenants, it was used by police officers relocating to work in London for the Met – but in style and size, it’s equivalent to nearby council housing.

Miroslav Nikolov purchased the property in 2015 for £1.2million before renovating and extending it with his wife Srebrina. The pair – who own another house in the same street – dug down to create a spacious basement ‘flooded with natural light’, increasing the properties square footage by a third.

The four-floor property now spans over 3650sq ft of interior space and boasts its own cinema room. Mr Nikolov believes this justifies the £2.3million value increase. The pair’s second property was purchased for £878,000 and is currently being renovated, though it is not clear what their plans entail.

Owner Lukov Nikolov said the price was justified because he spent £1.4 million doing it up(davidastburys.com)

According to Rightmove, terraced properties in the area sold for an average price of £1,659,972, while semi-detached properties fetched £3,873,333 in the last year – which means the property currently for sale is slightly below average.

But while house prices have soared over the last year, Mr Nikolov’s neighbours believe he’s being too optimistic. One told MailOnline that if Nikolov’s house sells for that price, he too would consider putting his even larger property on the market.



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