Bidding for a flat believed to be the smallest in London will begin on Tuesday, which is up for sale for £50,000 despite extending to just 75 square feet.
The first-floor flat in Clapton, Hackney consists of a studio room and a separate wet room, and despite its jail cell size it is considered cheap for a property in London.
House prices remain red hot amid robust demand for properties, and to put the £50,000 asking price into context, this is less than the average first-time buyer deposit, which is currently £53,935, Halifax says.
In comparison, the average asking price for a house in Methil, Fife in 2021 was £89,726.
Competition for the property is expected to be fierce with bidding set to open at 12:00 on Tuesday 15 February and close at 16:00 on Wednesday 16 February.
The flat is being auctioned through MyAuction, which notes that due to its size limitations, “it is our understanding that buyers will not be able to obtain a mortgage on the studio.”
Stuart Collar-Brown, a director of My Auction, believes it is the smallest flat on the market 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.”
What’s Included in the Flat?
It’s equipped with a single bed, television, shelves and space for a microwave, small fridge and fold-out table. And the separate wet room includes a toilet, sink, shower and towel rail.
But if you can accept that you won’t be hosting many house parties, then the location is very acceptable - it’s within walking distance of plenty of bars and restaurants. Plus the flat is part of a period conversion which looks perfectly pleasant from the outside.
Any potential buyers should also be aware that there’s a payment of £400 to pay on ground rent and an annual £500 service charge.
Take a tour of the flat on MyAuction.
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Jack has worked in journalism for 11 years and is the News Editor for Homebuilding & Renovating, a role he has had since 2019. He strives to break the most relevant and beneficial stories for self builders, extenders and renovators, including the latest news on the construction materials shortage and hydrogen heating. In 2021 he appeared on BBC's The World at One to discuss the government's planning reforms.
He enjoys testing new tools and gadgets, and having bought his first home in 2013, he has renovated every room and recently finished a garden renovation.