London’s ‘cheapest flat’ sells for £79,000 in Clapton

At 75 sq ft, the flat is worth more than £1,000 per square foot

A flat dubbed the “least expensive flat in London” in December has now sold for less than £100,000. 

The seller accepted an offer of £79,000 for the studio flat in Clapton, east London, which is the same price as some parking spots in the city. The average house price in the capital city is around £500,000.

The first-floor-flat recieved a lot of attention and was viewed by 36 people and received nine offers.

Agents described the flat as “bright” with a sleeping area, a compact kitchenette and a separate wet room.

The kitchenette includes a mini fridge and a microwave.

In the advert for the flat, it was described 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”.

The average house price in east London is around £311,000, according to rightmove.com.

At 75 sq ft, the flat is worth more than £1,000 per square foot.

It initially went on the market in December and was described as having a long lease and being handy for getting to the station.

However, prospective buyers needed to be able to buy in cash because the property is not big enough for banks and building societies to be able to lend money to take out a mortgage.

Some banks or societies will not lend at all for studio flats, while others stipulate the space must be larger than 322 sq ft to comply.

The buyer plans to rent the property out for half of the year, and use it for himself the other half. 

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