Is this maisonette in Hornchurch the cheapest two bedroom flat in London?
PUBLISHED: 07:00 17 October 2017
Is this two bedroom maisonette in Hornchurch, valued at £95,000, the cheapest two bed in London? We think it might be.
We have searched RightMove, and other websites, to see if the High Street property is the cheapest of its kind in the capital.
Nothing appeared at less than £95,000 that wasn’t shared ownership.
The split-level flat is complete with a 16ft lounge, 16ft master bedroom, 10ft kitchen and a bathroom and is offered for sale to cash buyers only.
It will be sold by public auction on November 2 at the Grosvenor House Hotel, Park Lane at 2pm.
A spokesman from Balgores Estate Agents explained that the low price is due to the properties 39 year lease which would cost buyers £67,000 to extend it.
He told the Recorder: “The property has had quite a few offers. £95,000 is the guide price, but it will definitely go up.”
According to the House Price Index, Havering, with an average property price of £358,251 is the second cheapest place to buy property in London.
Only Barking and Dagenham has cheaper prices per square metre.
They have have risen 62per cent in the past 10 years, with buyers now paying £4,185 per square metre.
And the increase is one of the lowest over those 10 years. Only Hounslow recorded a smaller increase – 60.89pc.
The amount paid in wealthy Kensington and Chelsea is a staggering £19,400 per square metre according to the Office for National Statistics (ONS) – a rise of 108.7pc.
Prices in London soared above the rest of England and Wales, with 19 of the top 20 most expensive local authority areas found in the capital.
The City of London and City of Westminster followed Kensington and Chelsea as the most costly areas.
But prices in Havering are still well above the national average, £2,400.
And, according to the ONS, extending your property by just one square metre would increase its value by £3,984.