For those first time buyers looking to get a foot on the housing ladder, London might seem out of the question.
However, for a snip at 75k, this “bolt hole” in Clapton, East London, could be a way in to the snake pit that is the housing market in London. Average house prices in this part of town are about £500,000.
According to the advert on online estate agents Zoopla, the ‘flat’ is “situated on the 1st floor of a handsome period building, this well presented studio flat provides bright accommodation that includes a sleeping area with compact kitchenette (mini fridge & microwave included) plus a separate wet room with shower & W.C.”
However, the buyer would have to forgo certain luxuries, such as a kitchen, stove, living area, or indeed, any other habitable rooms at all.
In February, the “1 bed property” was on sale for offers over £47,500, meaning that it’s value has increased by nearly £30,000 over the course of 10 months – and all for a lick of paint and compact kitchenette -- mini fridge & microwave included, of course.
The Hackney area of London, where the property is located, has seen heavy gentrification over recent years. Traditionally a working class area of London, in 2015 Hackney had as many million pound postcodes as the affluent Kensington and Chelsea.