A tiny studio apartment in East London, just seven square meters in size, will be auctioned off next week with a starting price of £50,000 ($68,000). However, the lot is expected to fetch more, as it was bought for £103,500 ($141,000) four years ago.
The microflat consists of a studio room and a separate wet room, and is the smallest on the market in London, according to the seller.
It boasts a captain’s bed, storage space underneath, some cupboards, a microwave, and a foldout table for eating or working on, The Guardian reports.
Real estate experts say microflats are a growing phenomenon, fueled by soaring rent and sky-high property prices. Another studio of 7.4 square meters in Notting Hill, one of London’s most expensive boroughs, is on sale for £150,000 ($204,000).
When it was first advertised two years ago for £250,000 ($340,000), some Twitter users described the capital’s housing market as “absolutely horrific.”
London is the world’s tenth-most expensive city for home buyers, according to a 2020 housing affordability report.
The latest microflat sale reflects the “inflated nature of the housing market in London,” Julia Rugg from York University’s Centre for Housing Policy told The Guardian, adding that it would be a “worrying development” if such tiny apartments were considered a solution to housing affordability.
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Article source: https://www.rt.com/business/549826-london-tiny-flat-sale/?utm_source=rss&utm_medium=rss&utm_campaign=RSS
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