Cheapest flat in London sells for £79,000

21 January 2016

This is the lowest price sale we’ve seen in a long time. A 75sqft studio flat in Clapton (London E5) has recently sold with Purple Bricks estate agents for just £75,000.

 The property is big enough to be a legal home to one person but not big enough for banks and building societies to be willing to lend on. The minimum size a bank will be prepared to lend on is typically about 330 square feet. Some lenders are stricter and do not lend on studio flats at all because they believe they are the first properties to lose their value in a downturn.  

Read the full article here.