Comments : A Converted garage you say?
Are you desperate enough to live in London that you would go to the extent of living in a converted garage? If so, you better get your skates on as this type of property is currently for sale and this garage has certainly taken the fancy of many a potential buyer. Like yourself, these buyers have probably waited for many months or even years to get onto the infamous London property ladder but never the less, the property may now only be considered as a rental oppotunity as opposed to it being for sale.
The London property market looks set to continue on its journey to become the most expensive and successful cities in Britain. During the past year, prices of homes in and around London have seen increases of over a quarter according to information provided by one of the biggest lenders, Nationwide. Never the less, this fact doesn’t stop potential buyers doing all they can to secure a home in or around the area. Not to mention the amount of people who have responded to the advertisement for the 110 square foot converted garage in Brixton.
This property had originally been on the market for the price of £125,000 and after a little while, a potential purchaser of the property had offered a sum of £85,000 which was accepted at first but then it was declined because it was deemed too low a price by the current owners. Despite knocking back a large sum of money for such a small property, the owners now intend to put it up for rent and Kinleigh, Folard & Hayward believe that they can do so for the sum of £700 a month.
An employee at estate agents Kinleigh, Folkard & Hayward, who have been currently marketing this property described it as a “converted garage” due to its size as well as it only being big enough to fit a single bed inside. It went up on the market around 2 weeks ago for the above price tag and almost instantly, potential buyers where queuing up to take a peek inside the petite shell. Conversely, a rather large down side to this small property is the fact that a mortgage is unobtainable due to the size of the building.
An estate agent said; “The boiler is shot and the electrics need changing but it should rent out quite easily for £700 a month in good condition”. He then added that the market in Brixton is buoyant therefore, the agents where having to be more accurate with regards to the pricing.
Nicole Cran, Pali Ltd
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