- The 118 sq ft studio has a relatively cheap price tag of £160k
- It compares to a £1.3m average price of a property in the same street
- It means a buyer would end up paying around £1,350 for each sq ft of space
- The studio has a compact kitchen and separate shower room with a toilet
With the average price of a property in London pushing north of half a million pounds, it seems almost unbelievable that a home in the capital could be sale for a mere £160,000.
But that’s the case with a studio flat in the north of the city, which is currently listed on property website Zoopla. Typical houses in the same street sell for than £1million.
So, what’s the catch? The main downside is its size, as it measures only 118 square feet – even though it includes a compact kitchen and a separate shower room with a toilet.
With a typical double mattress taking up 27 sq ft, it means the overall floor space is the equivalent of little more than four double beds.
The 118 sq ft studio has a relatively cheap price tag of £160,000, but needs some updating
The property also needs to be updated as it looks a little run down having been rented out for several years.
However, Hunters – the estate agent handling the sale – suggest this is a positive for property investors as there have been no void periods during the past few years.
A void period is a spell when a property is not rented – something that landlords prefer to avoid as it dent profits.
Landlords are always much more keen to buy properties that can be continually rented out.
Due to the lack of void periods, Hunters claims the London studio would be an ‘excellent rental investment’.
This in addition to being ‘an ideal first project’ due to the updating required, it said.
The studio flat is part of an Edwardian property in the expensive area of North West London
With a typical double mattress taking up 27 sq ft, it means the overall floor space is the equivalent of little more than four double beds
The studio is part of an attractive Edwardian property in Hillfield Road, in the North West of the capital.
It has good access to public transport, being just half a mile from West Hampstead underground station.
However, experts warned that it will be tough to find a bank or building society that will be prepared to offer a mortgage on it.
Buying agent Henry Pryor said: ‘How this ever got planning consent is a mystery and even if someone were to buy it, imagine how hard it will be in due course to find someone else equally prepared to accept the definitive micro-home.’
There is a separate shower room that includes a toilet, with a useful window
The average value of a property in this street is £1,378,333, compared to £635,810 in London and £276,044 in the country as a whole, according to Zoopla.
The £160,000 price of the 118 sq ft studio means a buyer would end up paying around £1,350 for each sq ft of space.
North London estate agent Jeremy Leaf said: ‘This looks ideal for a plumber who enjoys taking his work home with him. I’d be surprised if it complies with building regulations or town planning consents.
‘I thought the market was going through challenging times but I suppose affordability concerns means there will always be demand for lower priced accommodation – even this.’
The tiny flat includes a compact kitchen with a sink and cupboard space