London property: Former garage in South West London sells for £466,000

Savills described the rectangular former garage as “conveniently” located between the centres of Hammersmith and Fulham.

(Savills)

The housing bubble appears to have burst, analysts said this week, after sellers started to accept offers up to 10 per cent less than original list prices.

But that didn’t stop a former garage in Hammersmith from being sold for almost half a million pounds.

The 18ft by 35ft site, described as a former garage and storage site by Savills, was initially put up for auction for £250,000.

(Savills)

It was sold for £466,000, which is £58,000 more than the average property in London or £182,300 more than the average UK house, according to the latest figure from the Office for National Statistics.

Situated near the junction with Fulham Palace Road in Hammersmith, where a new developed flat can costs up to £799,950, the owner has planning permission for a two storey small house with a total gross internal floor area of approximately 800 sq ft.

Henry Pryor, a buying agent, said the former garage had probably been bought by someone who wanted to live there as there was little margin for a developer to make profit.

“A developer needs a profit to make it worth doing. Parts of the London housing market are now seizing up and so a builder would be very nervous of stretching their neck out,” he told MaildOnline

“My hunch is that this plot has been bought by a private individual,” he added.

It is not the first time a garage has been put up for sale as a flat in London.

A “rare” single garage in Chelsea measuring just 146 sq ft sold for £360,000 earlier this year.

In July 2014, a 9ft wide x 18 ft long garage in Canning Place, Kensington, was on the market for half a million pounds.

“Purely its location alone, moments from Kensington Gardens and Kensington Palace, makes this garage a valuable asset,” agents said at the time.