The London property market is among the many most costly on the planet, with the price of dwelling forcing home costs and rental charges larger than they’ve ever been.
Yet amazingly, one property in Twickenham has appeared available on the market for simply £20,000.
You’ll be unsurprised to listen to there is a catch.
Where will rates of interest head subsequent? Follow reside updates
The property on King Street, near England Rugby’s Twickenham Stadium and backing on to Ham Lands, is a stairwell.
It can be auctioned off by property agent Barnard Marcus, which describes it as a “long leasehold stairwell with development potential”.
While the brand new proprietor might embark on a Grand Designs-style mission, they might want to get planning permission and consent first.
The property, which is a glass construction and at present serves as storage for bikes and fireplace extinguishers, backs on to a variety of outlets, together with a Starbucks and a Greggs.
A video for the stairwell additionally reveals damaged home windows, cardboard containers, an deserted headboard and a cove of potted crops inside.
Barnard Marcus estimates that, with a £4,000 deposit, a mortgage will value round £91 a month over 25 years.
It comes at a tough time for folks attempting to purchase property, with home costs solely simply starting to fall after a decade of them rising.
Earlier this month, the Halifax home value index mentioned costs fell 2.6% within the 12 months to June – the biggest year-on-year lower since June 2011 – equal to a £7,500 reduce within the common home value.
A typical property now prices £285,932, down from a peak of £293,992 final August.
Mortgages have additionally been affected by Bank of England rate of interest rises, with the typical deal round 6.8%, in line with monetary data firm Moneyfacts.
More than 400,000 folks had been anticipated to maneuver off current fastened offers between July and September, which means they’re more likely to be compelled to enroll to larger month-to-month repayments.
For renters, their funds are additionally at document highs, with common rents outdoors London at about £1,231 (up 33% from 2019), and £2,567 in London (up by 28%, £928, in three years).
Source: information.sky.com”