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Revealed: The cheapest property to buy in Camden

PUBLISHED: 13:31 06 April 2016 | UPDATED: 13:43 06 April 2016

Each square metre of the

Each square metre of the "compact" studio costs £14,861

Archant

A tiny studio near Camden Road, on the market for £225,000, is the cheapest property for sale in Camden at the moment.

The studio on Cliff Road, NW1, is the cheapest property on the market in Camden at £225,000The studio on Cliff Road, NW1, is the cheapest property on the market in Camden at £225,000

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.

There is a separate shower roomThere is a separate shower room

“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 kitchen, with integrated appliances, is separated from the bed by a chest of drawersThe kitchen, with integrated appliances, is separated from the bed by a chest of drawers

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.”

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