London’s cheapest flat could be yours for £75,000 – just don’t expect to have many guests over

The Hackney area of London, where the property is located, has seen heavy gentrification over recent years

In February the “1 bed property” was on sale for offers over £47,500 Zoopla (Purplebricks)

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.

Traditionally a working class area of London, in 2015 Hackney had as many million pound postcodes as the affluent Kensington and Chelsea (Zoopla)

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.