A flat is on the market in an end-of-terrace period townhouse in Kensington & Chelsea – London’s most expensive borough – for £150,000.
In “the heart of Notting Hill” according to the listing, it is close to some of London’s loveliest garden squares and best bars and restaurants.
It is almost a third cheaper than the average studio in central London, costing £424,000. However, there is a catch.
The leasehold studio is available to cash buyers only so cannot be bought with a mortgage.
Despite having had its asking price reduced in June, at just 79sq ft, the “London bolt-hole” works out at £1,899 per sq ft. The average for the W11 postcode is £1,453 according to Lon Res.
Listing photos of the tiny property show a shower next to a freestanding kitchen cabinet with sink and two-ring hob, with a single bed on the other side. A corner cupboard next to the TV is actually the loo.
The studio also can’t be used as a main residence, so couldn’t be lived in full time, and also can’t be let out.
A prospective buyer will also have to fork out for some serious renovation work. As the listing notes the property “needs complete modernising throughout”.