We all know that house prices in the UK are on a never ending upward spiral, there is nowhere that this is more prevalent than in our great capital city. The last twenty years has seen an unprecedented rise in the cost of living in London – one of the worlds favourite cities. It’s not hard to see why, as the range of entertainment, services and culture on offer is unprecedented! So if you’re built for big city living (it’s not for everyone) it is an amazing place to live, which has created a very very competitive property market.
Every month we seem to see stories that highlight the ridiculous cost of property in the South East of England, we know big houses go for millions, but even we’re surprised by the cost of these bedsits…
First up is Britain’s smallest home, a £275,000 bedsit in London with a bed above the front door! The former flower shop measuring just 118 sq foot, was snapped up within just three weeks of being on the market. This tiny property is about a fifth of the size of the average new build home, despite this it received an incredible amount of interest – in the most part because of its desirable Islington North London location. Even more surprisingly, this micro home went on the market for £100,000 above the average £177,000 house price in the UK, really highlighting the insanity of the London property market…
What could you do with a million pounds?
To most people a million pounds is a life changing sum of money, but in London’s crazy property market it just about scratches the surface of a family home. In the more desirable areas of the capital it can get you a very impressive (yet tiny) bedsit, like this Mayfair property that has gone on the market at an asking price of £999,999 – or just over £3,115 per sq ft.
The property is one of the clearest examples of just how expensive a post code within the desirable prime central London areas now is and this is despite a series of recent reports that claimed this high end of the market was starting to settle down.
To give you some context to the size of this bedsit, it could be fitted over 20 times into the Wembley football pitch and the same budget could buy you 16th century mansion in Scotland.
Like many of the properties in this high end market, it is likely to be snapped up by an overseas buyer.
Would you feel you’re getting value for money?
London’s Most expensive bedsit?
Our final property can possibly lay claim to being London’s most expensive bedsit, going on the market at a spectacular £1,153,800. We can’t be 100% sure this is the most expensive in this crazy market, but it doesn’t seem like great value to us!
This Manhattan style studio or ‘posh bedsit’ is located on the fifteenth floor of ‘The Tower’, a 50 storey building at One St George Wharf.
For your £1,153,800 you get a cosy 641 sq ft of living space, which is not much larger than a London underground carriage – don’t worry though they throw in a bathroom!
The homes in the Tower are describes as ‘fresh, spacious and ultra-modern’ by the estate agents and ‘fitted with all the latest mod-cons.’ The tower also has an on site Tesco Express and a gym.
The Tower itself is part of the regeneration of Nine Elms on South Bank. St George Wharf is a riverside development spanning across seven acres of the regeneration site and is just moments away from Vauxhall Underground Station.
We’re not sure which of the three properties is the best or worse value for money, what do you think? Over a million pounds for a bedsit in Vauxhall seems like quite a lot to us!