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Apartment sold in London for £50,000 but only 7 meters long

The tiny studio apartment in Clapton, Hackney is just 75 square metres, and so, although it may be the cheapest property on the market in London, there is very little living space.

Tiny studio apartment in Clapton, Hackney is just 75 sq ft
Tiny studio apartment in Clapton, Hackney is just 75 sq ft

Property hunters accustomed to overpriced London prices can be excused for a second when they see a flat on the market for £50,000 but sadly there is a breakdown.

Affordable real estate in London is almost unprecedented, and while there is a flat in East London that has just hit the market for a pretty cheap price, it is difficult to find it among the best. The smallest household in the city.

The tiny studio apartment in Clapton, Hackney is just 75 square feet, meaning very little living space, but has been sold as “a great way to get on the property ladder”.

In that space there is a single bed, cupboard, shelf, microwave, space for a mini-fridge, folding table and sink but no stove.

There is also a separate bathroom that comes with a toilet, sink, shower and towel rack.







It was sold as a good opportunity to get on the housing ladder
(

Image:

My Auction)

Auction for the property ended after an online auction on February 16, which had a starting price of £50,000.

Given the rarity of an apartment being started at such low prices in East London, it has been predicted to be hotly contested, reports MyLondon.

Contextually speaking, the price tag is lower than the average first-time buyer’s deposit, currently £53,935, according to Halifax.







There is space for a single bed, a microwave and a small refrigerator but few other things
(

Image:

My Auction)

Stuart Collar-Brown, director of My Auction, the online real estate company that sells studios, said: “The apartment is small – but again, you also can’t buy a long-term rental property downtown. London for £50,000. so it’s a great opportunity for someone to get on the ladder. ”

He believes this is the smallest apartment on the market in London.

The property has 994 years remaining on its lease and is located on the first floor of a term transition, within walking distance of the cafes, bars and restaurants of Chatsworth Road and Lower Clapton Road.







An apartment can be a cramped place for anyone who lives there
(

Image:

My Auction)







There is no room for a kitchen in the property
(

Image:

My Auction)

Hackney Marshes, South Millfields Recreation Ground and Millfields Park are all nearby, as are Hackney Downs, Hackney Central, Homerton and Clapton Underground stations.

It has been confirmed that due to the size of the apartment, buyers will not be eligible for a loan, but the auctioneer believes that is why it will attract interest from investors.

Mr Collar-Brown said: “It is not surprising that the average rental yield in London is below 5%.

“And if bought for a guide price of £50,000, this flat will only produce north of 19%, meaning in just over five years you’ll be making your money back.”

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https://www.mirror.co.uk/news/uk-news/flat-sale-london-bargain-50000-26264463 Apartment sold in London for £50,000 but only 7 meters long

Fry Electronics Team

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