Reactions to the £350,000 asking price for a tiny converted building at the back of a car park somewhat predictably included shock and an exclamation of ‘how much’?
But after a few seconds of absorbing the eye-watering price tag of the property behind a residents’ block of flats in East London, no-one seemed surprised.
For everyone we spoke to on a recent visit to the area agreed that with London prices as they currently stand, the property would likely sell.
We spoke to several local residents who initially described the price of the Bethnal Green studio measuring just 16.4 square metres as ‘crazy’ and ‘ridiculous’.
However, they all went on to reluctantly admit that despite its high asking price, the property would most likely sell given the demand for homes in the area.
The studio was for sale with London estate agent Foxtons, which has since removed the property from its website, without indicating whether it had sold.
HOW THIS IS MONEY CAN HELP
Regardless, of which, the studio’s listing highlights the extreme prices that buyers are expected to pay to own their own little bit of London property.
It also shines a spotlight on the house price boom that has gripped East London over much of the past decade.
The average price of a property in Bethnal Green is £671,000, having risen almost £17,000 during the past year, according to property website Zoopla.
During the last five years, the price increases seen in the area are even more startling, up £178,000.
Zoopla’s website suggested that the studio could rent out for between £600 and £750 a month.
Handy for parking: The leasehold property is at the back of a car park at the rear of a block of flats
And handy for the bins too: The residents’ rubbish area at the block of flats is next to the small studio property
East London living: The block of flats where the studio can be found is called Museum House
Arpit Patel, 30, grew up on the estate and runs a coffee shop at the front of Museum House – although he no longer lives on the premises and is not the owner of the studio property
The entrance to the parking area at Museum House is at the side of the building
The leasehold property is in the parking area at the rear of a residents’ block of flats called Museum House.
It has good transport links, being just minutes from Bethnal Green underground station.
The studio has one reception room that includes a kitchen, with a separate shower room and a separate shower room.
Foxtons’ listing had described the property as ‘bright’ and ‘charming’.
Foxtons told us that photos of the interior of the studio were not available. The exterior could optimistically be described as shabby chic
The average price of a property in Bethnal Green is £671,000, having risen almost £17,000 during the past year
Many of the flats at Museum House are accessed from the parking area at the back of the block
Local builder Mark Baylis, 55, who lives five minutes away and is working on a shop in the block that is owned by his girlfriend, said: ‘There has been a lot of changes in this area. There is a much younger crowd living here now and house prices are going up.
‘It seems like the studio was once a caretaker’s lodge where visitors would go. It is the size of a garage.’
He added: ‘Someone is clearly living there as we often see lights on.
‘The asking price is ridiculous. It is going to get to the stage where local people cannot afford to live and buy here. It is becoming like the City where foreigners buy the properties and then rent them out.’
Kawsar Ahmed, 26, who rents a property in the block, said: ‘I’m surprised to hear the asking price.
‘It has become a young area, but I now have a son and I’m moving out of the area as it is too expensive for families. I could only ever dream of buying a home here.
And Arpit Patel, 30, who runs a coffee shop at the front of the block, described the asking price as ‘crazy’.
‘I grew up here but moved out when I started a family. When I was a child, the studio was used as a workshop for many years.’
Rajeshree Patel, who owns Vicky’s Newsagents in the block, said: ‘I don’t know about the price. It is a lot of money but properties around here have become expensive as it is near the Underground, which is something that attracts younger people. I like it here.’
Foxtons declined to comment on the property and said its client did not wish to discuss the property. Pictures of the interior of the property were not available. It is no longer listed on the estate agent’s website.
The owner of Vicky’s Newsagents at Museum House – Rajeshree Patel – described the studio’s asking price as ‘a lot of money’, but added that properties in the area had become expensive