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Think you can't bag a pad in London for less than £100,000? Think again! The cheapest property in London has gone on sale in Brixton Hill for a mere £99,500
Want to bag yourself a bargain? A run-down flat in Brixton may be the last property in London to be sold for under £100,000.
It’s not all good news, though, as the tired-looking ground floor studio, which is on sale for £99,500, is still on its original lease from 1934 and has been described as ‘horrendous’ by the agent handling the sale.
Still, if you look on the bright side, a lease extension would probably only set you back £23,000 and you get out of paying stamp duty as it’s below the £125,000 threshold.
Leigh Munday, Assistant Manager at agents Kinleigh Folkard &
Hayward, which is handling the sale, said: ‘It’s horrendous. It’s not
very nice at all. It needs complete refurbishment and a hefty lease
‘It’s not the prettiest block, but it’s not the ugliest either. It’s only five minutes from the Tube station and because it’s the end of the Victoria line you are guaranteed to get a seat in the morning.’
But, despite its condition, the flat could be an ideal investment with property prices continuing to rise in London. Brixton has seen a whopping 25% increase in prices in the past year.
Last week a single parking space was valued at an eye-watering £300,000 so, since this Brixton studio has been put on the market for
under £100,000, it is likely to be the last ever home in inner
London to sell for less than six figures.
And, if that’s not enough to convince you it’s a bargain, the average property price in London is now £318,214 according to a Nationwide survey carried out in June this year.
So fancy bagging yourself a Brixton bolt-hole? Well, the competition is fierce. Despite the property’s drawbacks, 10 potential buyers have already signed up to inspect the apartment at an open viewing to be held this Saturday, with several more expected to register over the coming days.
Although the flat requires modernising, once done agents claimed it could earn its owner around £1,000 per month in rental income. Wowser!