London’s tiniest microflat sells for 80% above the asking price

Just when you thought London property couldn't get anymore ridiculous...

A seven-square-metre microflat in London has sold for 80 per cent above its minimum listing price of £50,000. The property in Lower Clapton manages to cram in a toilet, sink, shower and even a microwave built in to the bed. It is believed to be the capital's smallest-ever property. The flat is located in a Victorian conversion and was originally purchased for £103,500 in May 2017. When it went up for auction last week, it had a minimum listing price of £50,000. However it ended up being sold for £90,000. The 2017 buyer recouped their investment though, having received £800 a month in rent on the property, the Guardian reports. [caption id="attachment_319221" align="alignnone" width="462"]
The seven-square-metre microflat is thought to be London's smallest ever property (My Auction)[/caption] It features some quirks as you can imagine, seeing as it's only seven-square-foot. The bed sits above storage units, with a microwave just below where you'd sleep. There's also a fold-out table for eating and working on. [caption id="attachment_319222" align="alignnone" width="866"] You can sort your ready meal without leaving your bed (My Auction)[/caption] And you're in luck if you like to go to the toilet, shower, and brush your teeth all at the same time - because just look at the size of the bathroom. [caption id="attachment_319223" align="alignnone" width="446"]
Everything's within arms reach in the wetroom... (My Auction)[/caption] The tiny flat is part of a growing trend of micro-properties as rent and property prices soar across the country. In February, the asking price for homes in Britain climbed by a record 2.3 per cent according to Rightmove. Meanwhile figures from the Office for National Statistics found that the average cost of renting in the UK jumped by two per cent in 2021. This is the largest increase in five years. Stuart Collar-Brown, the director of My Auction, which sold the flat, said that suitable tenants for the property would be those who don't spend much time at home, who were tired of house-sharing but unable to afford more space, or who lived elsewhere and needed a crash pad for work. Speaking before the flat was sold, he said that it would likely be snapped up by an investor rather than a first-time buyer because banks will not lend on properties below 30 square metres. Related links:

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