A tiny studio the size of a bouncy castle that is sat inches away from a busy dual carriageway is London’s only home for sale for £100,000 or under.
The poky studio is sat on a former commercial lot and measures just 15ft by 16ft, with a single door at the front and two windows.
For their money, a first-time buyer would get a bedroom, bathroom, reception-cum-kitchen area and a ‘lobby’, with just enough room for them to stand in.
Estate agents Bairstow Eves describes the home, situated on the edge of east London in Hornchurch, as an ‘investment opportunity’ in a ‘central location’.
This tiny studio sat inches away from a busy dual carriageway is London’s only home for sale for £100,000 or under
A floorplan of the property shows that the bedroom measures 8’3″ by 9’5″, the reception room/kitchen is 7’9″ by 15’7″, and the lobby comes out as 4’0″ by 5’10’
The property is almost the exact same size as a bouncy castle (the one pictured measures 15ft by 15ft)
As well as having the A124 on your doorstep, any potential owner faces a 15-minute walk to the nearest railway station, which is Romford.
A floorplan of the property shows that the bedroom measures 8’3″ by 9’5″, the reception room/kitchen is 7’9″ by 15’7″, and the lobby comes out as 4’0″ by 5’10’.
The home, which has already fallen from its initial £130,000 asking price, is currently being leased by tenants who are paying £600 a month to live there.
Despite the comparatively low asking price for a London home, a buyer on the UK average wage of £28,677 would need a £20,000 deposit and a mortgage of more than three times their annual pay.
The property is currently on the market with Bairstow Eves.
The research into London’s £100,000 houses was carried out by housesimple.com, which excluded houseboats, retirement homes and shared ownership properties.
Housesimple chief executive Sam Mitchell said: ‘The death of the £100,000 property in London was inevitable.
‘This research highlights the need for properties at the lower end of the market.
Pictured is the entrance to the former commercial lot where the one-bed studio sits in Hornchurch, east London
The same amount of money can predictably get you a lot more bang for your buck outside the capital, such as this three-bed terraced home in Manchester
As well as two large bedrooms, this Manchester property has both a living area and a reception room, not to mention a vast kitchen space and rear garden
‘Shared ownership and Help to Buy have helped people on average incomes get a foot on the ladder, but both schemes have their critics.
‘It can be complicated to sell a property if you only have a small stake in it, and expensive to increase your stake, as there are additional costs to consider.’
The same amount of money can predictably get you a lot more bang for your buck outside the capital.
For example, you can get a large three-bed terraced home in Newton Heath, Greater Manchester for the same price.
As well as two large bedrooms, the property has both a living area and a reception room, not to mention a vast kitchen space and rear garden.
Anyone who is completely set on living in the south east can pick up a two-bed houseboat sat in a wide beam barge in the fancy Brighton Marina.
The houseboat, valued at £89,995, comes with a kitchen, lounge and a bathroom, and comes with a wood burning stove for cosy nights rocking in the water.
Anyone who is completely set on living in the south east can pick up a two-bed houseboat sat in a wide beam barge in the fancy Brighton Marina
The houseboat, valued at £89,995, comes with a kitchen, lounge and a bathroom, and comes with a wood burning stove for cosy nights rocking in the water