The tiny studio flat in Clapton, Hackney is only 75 sq ft and so while it may be the cheapest property on the market in London there is very little living space
The tiny studio flat in Clapton, Hackney is only 75 sq ft (
Image: My Auction)
Property hunters used to the extortionate prices in London may be excused for having a second take when they see a flat on the market for £50,000 but sadly there is a catch.
Affordable property in London is almost unheard of, and while there is an East London flat that had just recently come on the market at a fairly cheap price, the snag is that it is also among the smallest in the city.
The tiny studio flat in Clapton, Hackney is only 75 sq ft which means there is little living space but was being sold as “a great way to get on the property ladder”.
In that space there’s a single bed, cupboard, shelves, microwave, space for a small fridge, fold-out table and a sink but no hobs.
There’s also a separate wetroom fit with a toilet, sink, shower and towel rail.
It was being sold as a good opportunity to get on the housing ladder
(
Image:
My Auction)
Bidding for the property has already ended after an online auction on February 16, that had a starting price of £50,000.
Due to the rarity of a flat being started at such a low price for East London, it had been expected to be hotly contested, reported MyLondon.
To put it into context, the price tag is less than the average first-time buyer deposit, which is currently £53,935, according to Halifax.
There’s space for a single-bed, a microwave and a small fridge but little else
(
Image:
My Auction)
Stuart Collar-Brown, a director of My Auction, the online property company that was selling the studio, 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.”
He believes it is the smallest flat on the market in London.
The property has 994 years remaining on the lease and is on the first floor of a period conversion, within walking distance from the cafes, bars and restaurants on Chatsworth Road and Lower Clapton Road.
The flat is likely to be a squeeze for anyone living there
(
Image:
My Auction)
There is no room for a cooker in the property
(
Image:
My Auction)
Hackney Marshes, South Millfields Recreation Ground and Millfields Park are all close by, as are the Overground stations of Hackney Downs, Hackney Central, Homerton and Clapton.
It has been confirmed that due to the size of the flat, a buyer wouldn’t qualify for a loan, but the auctioneer believes that’s the reason it will attract interest from investors.
“It’s hardly surprising when the average rental yield in London is sub-5%,” said Mr Collar-Brown.
“And if bought at the guide price of £50,000 this flat will produce just north of 19%, which means in just over five years’ time you’ll have made your money back.”
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https://www.mirror.co.uk/news/uk-news/flat-sale-london-bargain-50000-26264463
