Have you ever dreamed of living in London or somewhere close by?
Have you ever dreamed of living in London or somewhere close by? Well now you could for a mere £30,000, without the garage of course.
If you are someone that has been scouring the ends of London to find your perfect home, without the six figure asking price then you may be in for a treat if you like the idea of living in Essex.
When Essex is talked about, mansions, money and luxury springs to mind however, you could be the owner of a small home, with an asking price much lower than what people would pay for a deposit all together.
This ‘small home’ has an asking price of just £30,000. This sum is just over the average typical annual salary of £26,500. For this area, or places closer to London this price is just a dream but would you really want to live in a box - like, confined space?
When looking, it is extremely rare for people to locate a property of this price within close proximity to the M25, in most cases, properties around this area tend to have a few extra zeros added onto the price regardless of what they look like.
Around the area of Romford, Essex, houses tend to have an asking price of £303,668, with them having risen in value by a further £18,000 during the past year. These details come courtesy of the property site Zoopla.
The low asking price displays the property values experienced by previous generations who unlike some today found it extremely easy to make their way onto the property ladder. They managed to do this by borrowing sums equaling around two or three times the amount of their own salaries.
The typical value of a home in Britain is looming around the £200,000 mark, buyers today who are earning an average salary need at least five times their earnings to give a £50,000 deposit – this is the equivalent of 25% of purchase prices, which is also taken into account.
Earlier on in this month nationwide had released the most recent house price index, the index suggested that the average price for a home had gone up to around £195,585. Nevertheless, this figure represents the country altogether as a whole. Furthermore prices in and very close by to London tend to be higher. The price becomes higher due to there not being enough properties overall.
With London being known as one of the most expensive places to live, the gap between prices there in comparison to the rest of Britain has continued to reach new records with the average price of a home in the capital costing around £443,399, the Nationwide recommended last month.
The property that this story centers around is on the market for what may seem a small sum of £30,000. It is being sold via Auction House London today, this organisation describes the dwelling as being a ‘single story detached unit’. In addition to the above description it is also said that this home very closely resembles that of a converted garage.
Although it doesn’t contain its own set of stairs or an adjoining garage, it does have its very own entrance hall and is within an ideal proximity with existing shops located on Crow Lane, Romford. It is also ideally placed with regards to transport links and there is also a country park placed close by, Eastbrookend Country Park.
This is a leasehold property and still has 91 years remaining on the lease. As well as being quite a manageable open space, this dwelling has its very own petite kitchen which is described in description as a ‘kitchenette’. Furthermore it also has a shower room complete with wash basin and toilet.
Andrew Binstock, director of Auction House London, told MailOnline: “This is a rare opportunity to purchase something within the M25 that is within this price range”.
This property in particular is part of a trend which is seeing more and more people looking for smaller properties to rent or buy, this comes shortly after a bed under the stairs in Clapham, London being advertised for £500 a month, and this didn’t include bills either.
Nicole Cran, Pali Ltd
Google +(0) Comments
- Webinars with Pali for 2017
- 9m Residential and leisure development for Astley Point, Wigan
- First-time buyer subsidised homes will be built this year
- New Year Offer!
- Conveyancing Chaos for 2017!
Subscribe to receive a weekly update of our blog posts