A studio flat in London has been snapped up for a mere £52,000, making it one of the cheapest properties in the capital. However, there's more to this deal than meets the eye.
The Tiny Space with a Big Price Tag
The property, located in a sought-after area, measures just 13 square metres – smaller than some parking spaces. Despite its minuscule size, the flat comes with essential amenities, including a kitchenette and a bathroom.
Why So Cheap?
The rock-bottom price is due to the property's leasehold status, with only 23 years remaining on the lease. Buyers would need to negotiate a lease extension, which could significantly increase the overall cost.
London's Housing Crisis in Focus
This sale highlights the extreme measures buyers are willing to take to get a foothold in London's property market, where average prices far exceed national figures.
- The flat sold for less than a third of London's average property price
- Lease extensions can cost tens of thousands of pounds
- Studio flats remain popular with single professionals and investors
Experts warn that while the initial price seems attractive, the hidden costs of leasehold properties can make them poor long-term investments for unwary buyers.
