A London apartment of only 7 square meters was sold at auction on Wednesday February 23 for 90,000 pounds (107,000 euros).
This is 80% more than its initial sale price, set at 50,000 pounds by My Auction, the site responsible for the sale.
This micro-housing, located in the Lower Clapton district, is the smallest apartment ever sold in the British capital, explains an article from the
Guardian
relayed by
Ouest-France
.
It has just a loft bed above shelves, drawers and a microwave.
There is also a tiny room with a shower, toilet and sink.
SOLD!
We had bidders register from 7 different countries, and London's smallest flat sold at our auction today for £90,000 - 20% higher than the guide price!
https://t.co/Q2i2rGFCYQ #londonflat #londonproperty #hackney #investmentproperty #UKProperty #londonliving pic.twitter.com/ZqUKSVoJzv
— My Auction (@MyAuctionUK) February 23, 2022
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Real estate market under tension
The small apartment illustrates the rise in property prices in the British capital.
It had been bought by the previous owner for 103,500 pounds sterling (about 124,400 euros) in May 2017. To make his investment profitable, he had set the monthly rent at 800 pounds sterling (about 960 euros).
According to the British Office for National Statistics, quoted by the
Guardian
, the selling price of houses in the United Kingdom rose by 2.3% in February 2022 alone, a record.
The micro-apartment trend
The tension in the property market in Great Britain is partly explained by the shortage of properties in relation to demand.
According to the real estate classifieds site Zoopla, the volumes put up for sale have fallen by 25% in one year.
Faced with soaring housing sales prices and rents, more and more tenants are turning to micro-housing.
There would be between 1,000 and 2,000 new homes of this type on the market each year, according to a study by Philip Hubbard, professor of urban studies at Kings'College in London, relayed by
The Guardian
.
Some city dwellers also choose to live primarily in the suburbs, while maintaining a smaller apartment for their trips around town.
But the micro-housing solution often illustrates the housing crisis that is hitting London hard.
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