'I'm confident markets are busy'

Property developer Paul Tuck says the value of one of his south-west London homes has soared over the past six weeks.

The large house, which backs onto Wandsworth Common, was receiving offers of up to £55,000 more than the asking price of £1.69 million, he said.

With seven bedrooms and four reception rooms, the double-fronted house in Balham Park Road attracted a number of bidders happy to offer up to £1.75 million.

Mr Tuck, 44, who runs Park Hill Properties, bought the house three years ago and rented it out as flats.

After securing planning permission for a basement extension and loft renovation, he put the home on the market six weeks ago, confident it would exceed the asking price.

He said: "An unmodernised house in this location two years ago at the height of the market would make £1.9 million. We are only £150,000 to £200,000 below what we would have got then. And we had multiple bids, so it shows there is a market."

Mr Tuck said with renovation, the property could sell for more in the future. He added: "The market in parts of London is busy, particularly Dulwich, Greenwich and Wandsworth."