Is this the proof that London house prices are insane? Tiny flat snapped up for £100k
A TINY flat which includes a ladder for reaching a single bed halfway up a wall has been snapped up for just under £100,000.
Home buyers clamoured to buy the bijou London residence as it is rare to find a flat in the capital for that price.
Although it measures just 206 square feet, and the only cooking must be done by microwave, a private landlord quickly bought it.
He aims to rent out the one-bed flat in Ambleside Avenue, Streatham - the road that became famous in the 1970s after vice madam Cynthia Payne held "luncheon voucher" sex parties there.
Estate agents say the miniscule property which has a bathroom, entrance hall, and compact kitchen area, urgently needs updating.
But its new owner clearly believes he is getting a bargain in the capital where average property prices now exceed £500,000.
The flat, above a shopping parade, was originally put on the market in August for £129,950 and the price had been cut twice since then.
It is comfortable for someone to live by themselves and in a good location
In other areas of London a few miles away, you can pay far more.
A description on property website Rightmove said: "The property is presented tidily but would benefit from updating in parts.
"The flat is located on the corner of Babington Road and Ambleside Avenue, giving the incoming purchaser access to many of Streatham's amenities which are within close proximity."
Phil Quinnell, from agents Jacksons, said: "If you are a single individual and prefer to live on your own than houseshare, you could rent here for around 500-pounds a month.
"It is comfortable for someone to live by themselves and in a good location."
He said the previous owner bought the flat for £75,000 eight years ago.
Other one-bed properties in the area advertised on Rightmove are currently priced at between £300,000 and £400,000.
