Only one terraced house is on sale in London on Rightmove for less than £200,000.
An analysis of listings on the property website by Yahoo Finance UK shows a two-bedroom home in the north-west of the capital is the cheapest terraced house on the market.
The house on Randal Avenue, a 10-minute walk from Neasden tube station on the Jubilee line, will go on sale at auction next week via Barnard Marcus with a guide price of £175,000.
But such an unlikely bargain in London’s expensive property market comes, predictably, with a significant catch for anyone looking to live in the property.
The home is divided into two flats – with three tenants currently renting on the first floor and the ground floor flat sold off on a 99-year lease in 2006.
The leaseholder downstairs pays a ground rent of £100 a year, while the tenants pay £1,125 a month.
The freehold may also be on the market now for less than £200,000, but potential buyers should bear in mind it sold for £215,000 in 2007 – and £250,000 in 2005.
But Rightmove figures suggest another property nearby on the same street sold for £480,000 less than four years ago.
As the Mirror notes, the property in the London borough of Brent is also only a short walk from Wembley Stadium.
London’s property prices have fallen every month since July 2018, but it is still by far the most expensive region of the UK to buy a home.
The average property now costs £474,000, compared to £129,000 in the north-east of England, the cheapest region for buyers.