Inside the 'horrendous' Brixton flat which could be the last to sell in inner London for under £100k

 
Grotty: The shabby kitchen in the £99,500 flat in Brixton
28 August 2013

Will this Brixton studio prove to be the last home ever to go on sale in inner London for under £100,000?

The cramped ground floor flat so grotty that even the agents describe it as “horrendous” went on the market yesterday priced at £99,500 - less than many garages and parking spaces.

Normally studios in the area would fetch up to £200,000 but the price has been depressed by a short 56 year lease and its state of disrepair.

Dirty bathroom: The flat only has a 56 year lease

But interest has already been so intense that 10 potential buyers are already lining up to view the Brixton Hill mansion block apartment during an “open day” on Saturday.

Leigh Munday, assistant manager at agents Kinleigh Folkard & Hayward, which are handling the sale, said: ”It’s horrendous, it’s not very nice at all, It needs complete refurbishment and a hefty lease extension.

“It’s not the prettiest block but it’s not the ugliest either. It’s only five minutes from the Tube station and because it’s the end of the Victoria line you are guaranteed to get a seat in the morning.”

'Not the ugliest': The block where the flat is in Brixton

The soaring London property market means that homes valued in five figures have become exceptionally rare. A survey by the Standard earlier this year found only around 20 for sale, almost all in the capital’s less affluent outer suburbs.

Meanwhile a converted garage went on sale in Highgate last week at £250,000 and a parking space near Hyde Park was priced at £300,000.

For a property to become available at under £100,000 in an area as sought after as Brixton is now almost unheard of.

Mr Munday added: ”I sometimes get people registering with £300,000 to spend but I have to let them know politely they may have to look elsewhere.”

Grotty: The small living room

Mr Munday said that the flat, which is being sold as a repossession, could fetch around £1,000 a month in rent if it is well modernised.

It is on its original lease drawn up in 1934 and an extension will cost around £23,000 plus lawyers fees.

This also means that only cash buyers are being invited to make offers as lenders are usually reluctant to advance mortgages on such short leases.

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