The last inner-London home to sell for under £100k?

Aug 28, 2013

'Horrendous' Brixton studio is same price as six-bed property in Lancashire or ten houses in Newcastle

IN CASE further proof was needed that London property prices are on the up, the Evening Standard claims to have found one of last homes to go on sale in inner London for less than £100,000.

The "cramped" Brixton studio went on the market yesterday for £99,500, less than many garages and parking spaces in the capital.

Other studios in the area have fetched up to £200,000 but the property's short 56-year lease and its state of disrepair has depressed the price.

Even the estate agents handling the Brixton Hill mansion block studio admit it is "horrendous". Leigh Munday, assistant manager at Kinleigh Folkard & Hayward, told the Standard: "It's not very nice at all. It needs complete refurbishment and a hefty lease extension."

Looking for something positive, she added: "It's not the prettiest block but it's not the ugliest either. It's only five minutes from the Tube station and because it's the end of the Victoria Line you are guaranteed to get a seat in the morning."

Ten potential buyers have already been lined up for an open day on Saturday. They might not be thrilled to hear what else they could afford elsewhere in the country. For £100,000, they could secure a six-bedroom property in Lancashire, 26 acres of land in Derbyshire or ten one-bedroom terraced houses in Newcastle upon Tyne.

Meanwhile, the Standard points out that a converted garage went on sale in Highgate, north London, last week at £250,000 and a parking space near Hyde Park was priced at £300,000.

A survey by the newspaper earlier this year found only 20 London houses valued in five figures. The lack of homes selling for less than £100,000 might horrify new buyers in the capital but it will reassure London homeowners that the city's housing market is recovering.