Could you face living the high life in a shoebox?

Posted: 06/06/2014

With house prices in London raising ten to the dozen, it seems that smaller properties are becoming more and more costly. A prime example of this is a studio flat consisting of one room and almost every asset you should need in order to live everyday life. This is recorded to be going up on the rental market for £737 per calendar month.

This particular flat has a double bed, small kitchen, wardrobe, and even has a small table complete with chairs crammed into the corner but as you could imagine, not much room for anything else… in a sense you would feel like you are living life in a shoebox, a cosy shoe box at that!

The strange measures don’t stop there, despite only being a few feet all round it has a monthly rental guide price of £737 PCM  that tenants would be subject to paying. If they were to go ahead with renting this studio flat, this property is in a walking distance to Kings Cross Station and is situated in the London Borough of Islington.

If you came across a home such as this elsewhere in the UK, people wouldn’t look twice at renting it however; people in the present day are looking to relocate to areas such as London because it is thought to be an area of extreme wealth.

Mark Chambers wrote on the social media site Twitter;
“Just to prove that London is a ridiculous place to rent at the moment… this studio flat is £170 a week!!! #insane.”
Just days after being put onto the property market via Rightmove this little number is thought to have already been snapped up by someone most desperate to live in central London and evidently they are not put off by size.

London is well known for its wondrous sites and magic atmosphere with many theatres and plenty of retail therapy available however, it is also known for its extreme level of business occupancy. It seems that people are so desperate to live in the capital that the actual property they live in doesn’t matter because it is all about location. Sabrina Harris added that this property is just “another tragic London studio flat”.

With properties going up on the market in almost every way, shape or form, people are more than eager to take what they can get also meaning first time buyers could be severely out pocketed during this process of obtaining their first home. In some areas of London, prices have nearly doubled the UK average equal to 20% meaning that the standard home is now worth almost £600,000 in London. This had been recorded from figures collated during May 2014.

A director of the Legal and General Mortgage club, Jeremy Duncombe stated yesterday; “London is becoming unaffordable for more and more people, while other areas of the UK are lagging behind”.

Would you consider living in a tiny studio flat just so you could have a London postcode?

Nicole Cran, Pali Ltd

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(0) Comments Property Market, House Prices, Capital, Government, Business, Extreme, London, Studio Flat

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