A tiny studio near Camden Road, on the market for £225,000, is the cheapest property for sale in Camden at the moment.
Each metre of the 15.14 m sq “compact” apartment on Cliff Road, NW1 will cost the buyer £14,861 (does that fridge realise how valuable the space it’s sitting on is?) and the flat is being marketed to cash buyers only.
Liana Loporto-Brown sales director at London Residential who are marketing the property says that this is because buyers will be unable to get a mortgage on such a small property
She also said , highlighting the difficulties facing first time buyers struggling to get on to the property ladder.
“It’s not normal to find properties in this price range in this area. The next property that we’ve got available in the area is £400,000. It’s a big jump,” said Mrs Loporto-Brown.
“It’s been on the market for about a month or so, it’s currently being let out so the vendor isn’t in a hurry to sell.
“There have been a few viewings and two offers have been made but they haven’t been accepted. We’ve had both buy-to-let viewers and people who just want it as a pied-a-terre but it’s probably too small to have as your primary residence. It’s kind of like a hotel room.”
The listing describes the property as a “compact studio flat located on the raised ground floor of this lovely gated period development”, while the agents photos show a double bed squeezed into one end of the room, within spitting distance of the kitchenette.
Estimated mortgage outgoings would be £960 per month according to Zoopla.
The property has been revealed as the cheapest in the borough by online estate agents HouseSimple.com that investigated if it was still possible to buy a property in London for less than the average UK house price of £191,812.
The research found that it is not possible in nine of the 32 boroughs, including Camden, where the current average sale price for a property is £858,067.
Alex Gosling, CEO of o Housesimple.com, said: “These figures reveal how desperate the plight is for ordinary Londoners on average salaries, hoping to buy their first property.
“It’s not surprising that more and more people are starting to move out of London for value. Why pay £200,000 for a studio flat when you can buy a house for the same money just an hour commute away.
“It’s likely in the future we will see less and less people putting their first foot on the property ladder in London.”
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here