At £25,000, is this the cheapest flat for sale in London?
Imagine buying a home in London for just £25,000 – which is around 5pc of the average house price in the city. This ground floor flat in Leyton, east London, could well be the cheapest property on sale in the capital. It is on the market with a guide price of just £25,000 to £30,000 at Strettons’ upcoming auction. Auction director Philip Waterfield thinks it could reach up to £50,000, still cheaper than any other properties aside from empty garages and a houseboat. But there’s a catch: there are only five years left on the lease. Mr Waterfield claims that this still makes it a bargain as renting for five years at £900 per month is still pricier than buying the home. The one-bedroom flat has a sitting room, kitchen and bathroom, and is a short walk from Lea Bridge train station, as well as being close to several primary school rated good by Ofsted. Mr Waterfield said the property “would be an attractive alternative to renting for some people” as the buyer might “prefer to buy the flat, live in it, and assess their options in five years time as to whether they want to extend the lease or walk away”. Flats on the same road sold for as much as £375,000 in the past year and homes in the Leyton area can reach over £1 million. The most recent property to be dubbed the ‘cheapest home in the capital’ was a studio flat in Clapton, which was put on the market at £75,000 in 2015, nearly £50,000 more expensive than the Leyton flat. If you are willing to gain a few extra inches of space for a similar price, buyers can look to the water. House boats can sell for as little as £60,000, but prices can often exceed £250,000 for larger models. You can bid for the property on 11 July at 11am.