UK's most expensive home on the market

Park House

A home in South Kensington has earned the title of 'the most expensive property on the market'. It's up for sale for an astonishing £105 million. This is an extraordinary amount of money for any kind of property, but it's a new record for a relatively modest six bedroom property.

So what do you get for your money? And can it really be worth so much?
At £105 million this is not the most expensive home ever sold in the UK. Park Place near Henley was sold in 2011 for £140 million - just months after One Hyde Park properties fetched £136 million.

It's not even the most expensive home available to buyers at the moment, as 18 Carlton House Terrace in St James' (one of the biggest houses in London in one of the most exclusive positions) is said to be for sale privately for £250 million.

However, it's the most expensive on estate agents' books.

Check out Park House in the gallery below:

Park House in South Kensington, London
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UK's most expensive home on the market

Is it worth it?

On the one hand, it's hard to see how it could possibly be worth so much. Park House isn't a typical millionaire's mansion. In fact it only has six bedrooms. For that you'll pay 640 times the average UK house price.

How can it be worth so much?

The property is beautiful. As well as the six bedrooms there are seven reception rooms, five bathrooms, and landscaped gardens.

However, what really makes it different is that it has been described as a country home in the middle of London. This idyllic home is set in half an acre of the most expensive land in the UK - which means you cannot see a road or a car from the property, and can even hear the birds singing.

The property also has planning permission for an underground extension, which would add a huge swimming pool, gym and cinema. There's also permission to extend upwards to create three more bedrooms.

It's being sold by Professor Gert-Rudolf Flick, the heir to Daimler Benz, who is thought to be worth around £350 million. The estate agents, Beauchamp Estates, predict that it will sell quickly, and for the asking price.

What does it mean for the market?

This gives us an insight into the world of ultra-high-value properties - where all that matters is the perfect property in the ideal location, and the cost doesn't mean very much. There will always be billionaires who want luxury in central London and are willing to pay £100 million or more for it. So there will always be properties for sale around this level.

It also shows us just how crazy prices have become in Kensington and Chelsea - often considered the most desirable part of central London. The average home in the borough is worth £1.5 million - which is up 8.2% over the last year. The average semi-detached place will cost you £6 million.

As well as Park House, at the moment you can buy a £65 million nine-bedroom house, or a number of a five-bedroom flats for £30 million. Alternatively you could buy a terraced house - for £27.5 million.

In this company, £105 million for a detached property may seem less of a crazy price tag. Of course, when you take a deep breath and realise that you could buy your own estate on a private island in the Highlands for roughly the equivalent of the stamp duty on this central London property, the whole thing goes back to seeming utterly absurd.

10 top ways to add value to your home
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UK's most expensive home on the market

Of course with all these things, the value it adds depends on the property you have to start with, and the kinds of improvements you make, but Which? estimates the cost of a new kitchen at £8,000 and HSBC calculates the added value to your property at £4,500 - which is a clear loss.

This has been done by 41% of people in the last three years, and 29% of people plan it in the next three. It's cheaper than a kitchen, and Which? estimates the cost at £3,000. This is roughly the same value that HSBC says it will add to your property - so you'll break-even.

It may be difficult, but getting your property ready for sale means depersonalising it. 

Clutter can distract viewers and more than half (60%) of the property valuers who took part in the 2012 HSBC Home Improvement Survey said that the number one way to increase a property's chance of selling quickly, and for a good price, was to de-clutter.

This has been installed by 31% of us in the last three years, and 15% plan it in the next three. Installing central heating is a disruptive job, and according to WhatPrice it will cost you around £3,235. However, this is the first of the top ten to actually pay off. Property expert Phil Spencer says it will add £5,000 to the value.

A quick splash of paint can work wonders on tired-looking walls, and sticking to neutral tones is the safest bet.

Keeping the colour scheme simple, fresh and inviting will help potential buyers to see themselves living in your home.

Some 18% have added one in the last three years, and 30% will in the next three. This is another huge job, but with more people struggling to move and deciding to improve instead, it's increasingly popular. The amount it costs will depend on an enormous number of things, from the area you have to work with, to the size of the extension. However, assuming you add a single room you could spend around £20,000. HSBC estimates it will add around £15,500 to the value of the property, so you are unlikely to gain as much as you spend.

According to Halifax valuers, loft conversions - which require lofts with a roof height of at least 2.4 metres - are a good way to increase the potential sale price of your home.

Be sure to stick to your budget, though. The average loft conversion will cost between £10,000 and £30,000, while HSBC's figures show that they typically add £20,876 to the value of a property.

Putting in new windows adds around £5,265 to the value of the average property and can reap big rewards when it comes to energy efficiency.

It is, however, sensible to ensure that your new windows are in line with the style of your property to maximise the added value - particularly as putting them in can set you back about £5,000.

Off road parking or a garage can be especially advantageous in areas where parked cars line both sides on the street.

Nationwide's figures show that adding a garage, which can cost anything between £8,000 and £25,000, can increase the value of your property by 11%.

Outside space is just as important as inside - especially when people are seeing your home for the first time.

While 63% of the HSBC survey expert respondents said that repainting or varnishing a front door would make a difference, only 23% of homeowners recognised this. Peter Dockar at HSBC said: "It is often the smaller jobs like painting the front door that can make all the difference when looking for a sale."

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