Garage-like studio on sale in Walthamstow area of north-east London for £70,000

Rent on the property is currently £193 a week

A studio in Walthamstow on sale for £70,000 (mouseprice.com)

In a ripe investment for a property developer, but perhaps a less rosy deal for the potential tenant, a garage-like studio flat in north-east London has been placed on the market for an eye-watering £70,000.

The latest example of the capital’s spiralling property prices, the tiny studio – advertised as a ‘freehold single storey detached unit’ – would earn a landlord over £10,000 in rent a year at £193 a week.

To access the 15m x 15m property on Markhouse Road, visitors enter via the Low Hall Lane alley, where similar units appear to be used either as garages backing onto houses or as homes, The Guardian reported.

The property is situated on Low Hall Lane alley (Google Maps)

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According to the auctioneer’s advert, its selling points include a studio room combined with a kitchenette, a shower room and toilet, and easy access to travel networks, a local sports hall and a park.

A spokesperson for the Waltham Forest Council told The Guardian it will check the property “has all relevant permissions and meets planning requirements”, and said the council will take "appropriate action if a property is found to be unlawful."

House prices in Walthamstow have increased by more than 10 per cent in the past year, as the young professionals flock to the area which offers enviable transport links and relatively low house prices, although that may soon change.

The rise in property prices shows no sign of slowing, with asking prices for houses reaching record high across England and Wales since the Conservative general election victory.

Property website Rightmove recently revealed that the average property price in June is estimated to have hit £294,351 – an £8,281 increase on the previous record set in April 2014.

Extortionate homes for rent and sale in the capital continue to make headlines, including a number of studio flats where the bed is metres from the stove renting for hundreds of pounds a month.

One surprisingly honest estate agent in east London frankly described a flat as “not very nice”, despite asking potential tenants to fork out £997 a month.

A recent study by the Oxford Economics forecasting body predicted that by 2030, the average home in London will cost £1million.