The tiny studio flat in Clapton contains a single-bed, cupboard, shelves, microwave, space for a small fridge, fold-out table and a sink. It is also only 75 sq ft.
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Affordable flats in East London can be difficult to come by, but a new property on the market may provide a possible option for property hunters, the one catch - it's the smallest in the city.
The tiny studio flat in Clapton contains a single-bed, cupboard, shelves, microwave, space for a small fridge, fold-out table and a sink. It is also only 75 sq ft.
The property does not have hobs, but there is a separate wet room fit with a boiler, sink, shower and towel rail.
Bidding starts at 50k and begins on February 15. The scheduled ending to the bidding is the next day at 4pm.
The flat is expected to be hotly contested, due to the cheap nature of it being a novelty for the area it is situated in.
The price tag is less than the average first-time buyer deposit, which is currently £53,935, according to Halifax.
Stuart Collar-Brown, a director of My Auction, says the property is a "great opportunity for someone to get on the property ladder".
“The flat is small — but then again, you also can’t buy a long-leasehold property in central London for £50,000" he told MyLondon.
The property has 994 years remaining on the lease and is on the first floor of a period conversion.
The property also suits commuters, being near Overground stations Hackney Downs, Hackney Central, Homerton and Clapton.
Due to the size of the flat, it has been confirmed that the buyer will not be eligible for a loan, however, Collar-Brown believes this will attract more interest from investors.
He said: “It’s hardly surprising when the average rental yield in London is sub-5 per cent.
“And if bought at the guide price of £50,000 this flat will produce just north of 19 per cent, which means in just over five years’ time you’ll have made your money back".
