The run-down apartment in Brixton was placed on the market last month. The ground floor studio was described by the estate agents handling the sale as “horrendous”.
“It’s not very nice at all,” Leigh Munday of Kinleigh Folkard & Hayward told The Daily Mail. “It needs complete refurbishment and a hefty lease extension.”
Nonetheless, 10 buyers had queued up to see it within three days of the listing going live, as London property becomes increasingly unaffordable for many buyers.
Indeed, the studio’s price tag was £99,500. The average price of London real estate? £454,000. One parking space, the newspaper notes, went up for sale in Hyde Park for £300,000.
The UK capital has been leading the UK housing market for some time now. According to the Office of National Statistics, UK property values climbed 3.1 per cent in June 2013. In London, that growth was even higher at 8.1 per cent year-on-year. Take away the influence of London and the South East and UK house prices rose by just 1 per cent in those 12 months.
“House prices are now rising at their fastest since 2006,” haart estate agent told TheMoveChannel.com. “All that is needed is more homes to come onto the market to provide balance to the flurry of demand. Talk of a bubble is premature, particularly outside London. With more stock, better availability of good value mortgages and more people in work there will be greater fluidity in the housing market.”
For those inside the capital, though, renting property is increasingly becoming the only option.
“It is incredibly rare to find properties priced below £100,000 in London and even rarer still to find them in sought after areas like South West London,” Katherine Wells, sales manager at KFH, told the Mail.