Property prices in Britain keep climbing due to a shortage of supply.
The average house in Britain’s capital now costs over $900,000 — and it’s still rising. Even flats in “non-prime” areas of London are considered “relatively affordable” at just under $1,250,000.
Business Insider scoured London property listings to find the most ridiculously overpriced properties on the market, or that have been sold in the last couple of years.
Some of them are tiny, some are miles from central London, and some are uninhabitable. But they have all got one thing in common: they’re incredibly expensive for what they are.
Check out the properties below.
Price: $1.78 million
Where: Peckham in Southwark, south east London
The property is a 1950s pre-fabricated bungalow. It's tiny with just three rooms, an unfitted bathroom, and a small kitchen. It also hasn't been lived in since 2002, so it's in need of serious refurbishment.
The property was previously owned by Southwark Council, and cost so much because it is in a so-called 'hotspot' for buyers, according to the BBC. It sold in November 2015.
Price: $2.25 million
Where: Primrose Hill in North London
In July 2015, a 20-metre square garden on Elsworthy Terrace in Primrose Hill was sold at auction for $2.25 million, 12 times the expected price.
It hasn't been confirmed exactly what the buyer plans to do with the garden, but given that no planning permission was attached to the patch of land, building a new home could be tricky. At the time of the sale, one estate agent told Pali that the price represented a 'significant price for a piece of lawn.'
Price: $1.5 million
Where: East Dulwich, south east London
This house in the SE22 postcode may have two bedrooms, two bathrooms, and off-street parking, but at 300cm wide, it's also narrower than two normal sized people lying side-by-side.
Overall, its has 74 square metres of space, putting it in the $20,000 per sq m bracket. That's generally seen as a benchmark for super expensive properties.
Where: Twickenham, south west London
Another ridiculously narrow house, albeit with a slightly lower price tag than the property in East Dulwich. First reported in early 2015, this house -- near the home of England's rugby team -- is even narrower, measuring just 243cm wall-to-wall. That's roughly the width of two 10-year old children.
Overall, the inside of the house, which used to an annex on another house, is just 29 square metres, but it does come with a pretty sizeable garden, so it's not all bad.
Where: Princes Gate, South Kensington
While the UK doesn't have a legal requirement for the size of prison cell, guidelines say that they shouldn't be any smaller than 7 square metres excluding a toilet cubicle.
In July 2015, the Daily Mail reported that this studio flat in the upmarket district of Kensington was just 9.33 square metres, despite costing $550,000, way more than the UK average house price. The flat doesn't have its own bathroom, and there's barely room for a small fridge and a microwave.
Where: Close to Hyde Park, west London
The 5.9m by 2.4m parking space, which is situated just behind Hyde Park Gardens near Marble Arch, is comfortably the most expensive single space on sale in the country.
When the space was listed in March this year, estate agent Knight Frank called it 'A rare opportunity to purchase a private parking space for one car, located behind the prestigious Hyde Park Gardens and ideally located for the transport links of the M1.'
Parking in London is notoriously difficult, but this seems a bit steep.
Where: Islington, North London
Billed as the smallest house on the market, this one-room 'house' in Islington is just 14 square metres, and so small that residents have to climb over the kitchen counter to get to bed, and you can touch the walls on each side of the house when standing in the middle. It first appeared on the market in 2014, and was sold in October 2014, so now it's probably worth well over $560,000
When the house first went to market, architect Chris Dyvik told Sky News: 'You might see similar types of compact units being built. People need to be creative in London to survive with these housing prices.'
Where: Above a McDonald's on Holloway Road, Islington
According to research from online estate agent HouseSimple, cited by the Islington Gazette, this studio-flat on Holloway Road in north London, is the cheapest in the borough of Islington.
Price: $1 million
Where: Camberwell, south east London
This garage was formerly used as a place for the Mayor of Southwark to park his car, but it was a disused wreck when it sold for $1 million in April 2014. It was auctioned with an expected value of around $375000, but a huge bidding war pushed the price upwards.
The price is especially huge when you consider that the average flat in Camberwell is worth around $710,000, according to data from RightMove.
At the time the garage was sold, the Daily Mail reported that it will likely be used as an artists studio.
Price: $1.125 million
Where: South Kensington
This basement flat on Stanhope Gardens in South Kensington first went on the market in 2014, described by estate agent Hamptons as 'completely unmodernised'. At three times the price of the average UK home, anyone buying the place might expect there to at least be wallpaper.
Here's a small extract from the particulars listed at the time: 'The property is currently uninhabitable but would make a generous sized one bedroom flat or could with careful planning make a two bedroom flat.'
Price: $3.74 million
Where: 28 Nottingham Place, Marylebone
This property is expensive even for London, and the price is even more amazing when you consider that its built on a rooftop, and is essentially a pre-fab flat that has been craned on top of a building. It's fairly big at 113 square metres, but still works out at well over $33,000 per sq m.
Rokstone, the estate agent selling the property says that 'rooms on the roof are one solution for helping to solve London's housing crisis' but at nearly $4 million, we can't imagine many Londoners will be buying one any time soon.
Where: Kingston House North, South Kensington
We're not sure if this space is better or worse value than the space in Hyde Park Gardens mentioned above. The space, first listed in March 2015 by Foxtons, went on sale for $900,000 and features a triple-width space, along with amenities including a valet service, and chaffeur lounge.
While it does cost less than the average London property, the space is nearly £200,000 more than the average price of British homes, according to the ONS.
Where: Crescent Place, Chelsea
Another uninhabitable property that sold for well above the average cost of a house in the UK, this single garage down a back alley in Chelsea was auctioned in February this year. It was listed for $335,000, but sold at auction for twice that after a bidding war. At 13.5 square metres, it cost $50,000 per sq m.
At the time of the sale, the Guardian quoted Savills head of auctions, Chris Coleman Smith as saying: 'This part of London is an affluent residential area with a chronic lack of off-street parking, so we expected the garage at Crescent Place to attract a lot of interest.'
Price: $5,600 per calendar month
Where: Highgate, north London
Amazingly, someone is trying to rent a toilet for $5,600 per month in the north London suburb of Highgate. It was listed by builder James Atherton, who owns the toilet inside a block of flats. Speaking to the Camden New Journal in April, Atherton said:
'The bus drivers in Highgate don't have a toilet,' he said. 'I thought they might be interested in buying it, or maybe three of them could get together and rent it. I hope they don't shut the public toilets in Pond Square because they are needed but it would be good news for me in a business sense.'
No one has made an offer for the loo yet, and Atherton is considering selling a 20-year lease for $37,500 instead of the monthly fee.
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