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‘Smallest’ flat in London under the hammer from £50k – but it is rather tiny

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Property prices are soaring across much of the country – but to see a London flat available with a price of £50,000 is highly unusual.

But there is a catch – it is understood to be the smallest flat in the capital.

The tiny studio accommodation in Clapton, Hackney, is just 75 sq ft. In that space there’s a single-bed, cupboard, shelves, microwave, space for a small fridge, fold-out table and a sink. No hobs. There’s also a separate wetroom containing a toilet, sink, shower and towel rail.

It goes on sale on February 15 with a £50k guide price with bidding ending the next day at 4pm, reports MyLondon.

The auction is expected to be hotly contested with the price tag less than the average first-time buyer deposit, which is currently £53,935, according to Halifax.

Inside the tiny flat, which is one of the city’s smallest

Stuart Collar-Brown, a director of My Auction, the online property company that is selling the studio, believed it was the smallest flat on sale in London. He said: “The flat is small — but then again, you also can’t buy a long-leasehold property in central London for £50,000 so it’s a great opportunity for someone to get on the ladder.”

The property has 994 years remaining on the lease and is on the first floor of a period conversion, within walking distance from nearby cafes, bars and restaurants.

It has been confirmed that because of the flat’s compact size, the buyer wouldn’t qualify for a loan, but the auctioneer believes that’s the reason it will attack interest from investors. “It’s hardly surprising when the average rental yield in London is sub-5 per cent,” said Stuart.

“And if bought at the guide price of £50,000 this flat will produce just north of 19 per cent, which means in just over five years’ time you’ll have made your money back.”

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https://www.hertfordshiremercury.co.uk/news/property/smallest-flat-london-under-hammer-6634814