January 23, 2007 in London

A Room Without A View

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Yet more painful confirmation that despite my good job and savings, upwardly mobile young professionals like myself shouldn’t even consider getting on the London property ladder. The prices for even the smallest of places is just outrageous. Thus its better to just rent and wait for the property market correction. Or better yet, start looking for a city banker because they seems to be the only ones buying property in London’s more desirable neighborhoods.

‘Table-sized flat’ for £170,000
BBC News, Monday, 22 January 2007
Look what £170,000 can buy you
A flat roughly the size of a snooker table has gone on sale for £170,000 in London’s upmarket Chelsea.
The former janitor’s storeroom measures 11ft by 7ft and has a cupboard place for a shower and kitchenette area.
Potential buyers can expect to fork out an extra £30,000 to make the room habitable as there is no lighting and it is full of rubble.
Even the estate agent selling the property admitted the flat was “incredibly depressing”.
“We have to go in with a torch because the lights do not work and it is full of rubble,” Jason North, associate director at Lane Fox.
Nevertheless, the flat is expected to attract buyers due to its close proximity to the fashionable bars, shops and leisure facilities of Kensington and Chelsea.
In fact, the £170,000 price tag may make it one of the few affordable properties in what is London’s and the UK’s costliest borough.
According to research from property website Rightmove, released on Monday, the average asking price for a house in Kensington & Chelsea in January was £1,145,791.

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