Revealed: The cheapest property for sale in Brent
PUBLISHED: 12:30 06 April 2016 | UPDATED: 12:52 06 April 2016
This poky one-bedroom flat in Wembley on the market for £199,950 is the cheapest property for sale in Brent, it has been revealed.
The tiny property in King’s Drive, highlights the escalating costs of property prices in Brent which is leaving first-time buyers struggling to get on the housing ladder.
The flat’s new owner would have to earn £40,000 a year which is £9,000 above the average salary of residents in Brent.
They would also need a deposit of 10 per cent meaning £19,995 or if the new buyer intends on renting it they could pay five pc instead.
Situated within a purpose built 1960 block the property is being sold by Ellis and Co in Wembley Park.
If you want to swing a cat in the sole bedroom you could be out of luck.
The double bedroom measures just 3m long and 2.8m wide with a floor space of 8.4sq.m which is below the legal requirements for a new build which is 11sq.m.
But because the flat is not new it is not covered by the nationally described space standard.
Once you’ve squeezed a bed in and shoehorned a wardrobe there wouldn’t be much room for anything else.
The property has been revealed as the cheapest in the borough by online estate agents Housesimple.com that investigated if it was still possible to buy a property in London less than the average UK house price of £191,812.
In nine, including Brent, out of the 32 boroughs it is not possible and the current average price of a property in London is £530,000.
Alex Gosling, CEO of o Housesimple.com, said: “These figures reveal how desperate the plight is for ordinary Londoners on average salaries, hoping to buy their first property.
“It’s not surprising that more and more people are starting to move out of London for value. Why pay £200,000 for a studio flat when you can buy a house for the same money just an hour commute away.
“It’s likely in the future we will see less and less people putting their first foot on the property ladder in London.”
There is a one-bedroom flat for sale in Brent with a £120,000 price tag but with a lease of just 16 years left it is only available to cash buyers.
The price of extending the lease could see the total cost of the property surge to more than £200,000.