Where: In the heart of Clerkenwell, 10 minutes walk from the Square Mile, St Paul's Cathedral and The Old Bailey. Nearby Farringdon Station has Thameslink services to Gatwick and Luton airports.
What will it cost to buy? Quotes from Nationwide 0800 30 20 10
Both these mortgages fall into the higher loan to value band
Minimum deposit (5%) pounds 13,000
Mortgage needed (95%): pounds 247,000
Joint income required (x2.75): pounds 138,182
Single income required (x4): pounds 95,000
Two-year fixed rate at 5.45% reverting to bank mortgage rate currently 5.99%
Monthly payments of pounds 1,121 (interest only); pounds 1,509 (repayment)
Two-year tracker at 5.29% reverting to bank mortgage rate currently 5.99%
Monthly payments of pounds 1,088 (interest only); pounds 1,485 (repayment)
Reservation fee: pounds 389
Valuation fee: pounds 350
Service Charge: pounds 1,000 approx pa
Stamp duty: pounds 7,800
Council Tax: to be assessed by City of London
Legal costs to include land registry and search fees: around pounds 1,500 plus
Who will buy it?
A city worker in their early 20s looking for a pied-a-terre in one of London's most interesting streets or a buy-to-let investor looking for an affordable entry to the central London market. The next step up in Knights Court is a one-bed apartment costing pounds 355,000.
The studio with a 125-year lease is one of 13 apartments including a penthouse, developed by Modern City Living and the lack of properties at this size and price in the immediate area should give it a "rare" tag. It would rent for around pounds 250 a week. It's small but perfectly formed and it's wired up for multimedia. The impressive entrance lobby has an audio visual door entry system and a lift to all the apartments. Offices have been retained on the ground and basement floors. While the neighbourhood is buzzing during the week - numerous bars, clubs and restaurants abound - the weekend is peaceful. Be warned, the local market charter means local pubs can serve beer and stout from 6am weekdays.
Information correct at time of printing. All quotes subject to status.Reuse content