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The only terraced house in London on sale for under £200,000

·Finance and policy reporter
London’s cheapest terrace. Photo: Barnard Marcus/Rightmove
London’s cheapest terrace. Photo: Barnard Marcus/Rightmove

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.

READ MORE: How homeowners could save themselves £4,500 a year

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.

Photos inside the property do not paint it in the most flattering light. Photo: Barnard Marcus/Rightmove
Photos inside the property do not paint it in the most flattering light. Photo: Barnard Marcus/Rightmove

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.

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