This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
A flat that has been named the cheapest in London has been sold for £79,000 after a host of prospective buyers showed interest in the property.
36 people viewed the studio flat in Clapton, east London, and nine of those made offers.
The advertisement for the property described it as “an exceptionally rare opportunity for a first time buyer, landlord or commuter seeking a bolthole to purchase a property in a desirable part of London for the same price as a high-end family car”1.
The agreed price is less than a fifth of the average property value in London and much lower than the £383,000 typically paid for a flat in the E5 postcode area.
However, as the flat measures just 75 square foot, it still costs more than £1,000 per square foot of living space. The £79,000 price tag is also enough to buy a family home in some parts of the country.
Simon Taylor, of estate agent Purplebricks, which sold the flat, says the amount of offers reflects “the property’s desirability in a busy market”.
He adds: “This property is unique to the market here in London. I wasn’t surprised at all by the excitement that the listing generated, particularly given the low cost and its easy access to the City and the West End.”1
The buyer plans to live in the property for six months of the year and rent it out for the rest of the year.
1 http://www.theguardian.com/money/2016/jan/20/cheapest-flat-london-sells-79000
