One of London’s smallest flats sells for a big price! Upmarket Marylebone ‘commuter crash pad’ that is the size of two car parking spaces sells for £295,000
- A 14 square metre flat on York Street in Marylebone has sold for £295,000
- The property offers just enough space for a sofa bed, kitchen and bathroom
- York Estates marketed the home to commuters looking for a London ‘crash pad’
A tiny ‘crash pad’ has sold for £295,000, despite being one of the smallest flats in London.
The Marylebone property measures just 14 square metres and is barley the area of two car parking spaces.
The Georgian town house, seated on York Street, just offers enough space for a sofa bed, kitchen and bathroom.
York Estates marketed the small home as a ‘crash pad’ for those commuting into the capital city.
The estate agency argues the cost-of-living crisis has fuelled a ‘growing demand’ for tiny homes.
A tiny ‘crash pad’ in Marylebone has sold for £295,000, despite being one of the smallest flats in London
The Georgian town house, seated on York Street, just offers enough space for a sofa bed, kitchen and bathroom
The Marylebone property measures just 14 square metres and is barley the area of two car parking spaces
York Estates sold the flat, which features an en-suite shower room and open concept kitchen, to a buyer who plans to use it as their part-time London base, The Times reported.
The new owner also plans to offer the property on AirBnb when they aren’t using it.
Julia Lilley, owner and founder of York Estates, claims rising rents, mortgages and energy prices are driving Brits to purchase so-called tiny homes.
‘Post-pandemic we are finding that an increasing number of clients are seeking a small London flat as a bolt-hole to base themselves during the working week,’ she told the newspaper.
Earlier this year a seven square meter flat in Clapton sold for £90,000 and won bids from ‘all around the globe’.
York Estates marketed the small home as a ‘crash pad’ for those commuting into the capital
The flat was sold to a buyer who plans to use it as their part-time London base
The new owner also plans to offer the property on AirBnb when they aren’t using it
The features an en-suite shower room and open concept kitchen
The sale of the Marylebone property comes amid Britain’s housing crisis that has seen soaring property prices.
Enquiries by potential new home buyers fell for a fifth month in row, the Royal Institution of Chartered Surveyors’ (RICS) monthly survey revealed.
However, British house prices rose at the slowest pace since early in pandemic, with expectations for the year ahead suggesting a slight fall in prices.
The RICS house price balance – measuring the difference between the percentage of surveyors reporting price rises and those seeing a fall – fell sharply to +32 in September from +51 in August, signalling a slowdown in price growth.
September’s reading was the weakest since July 2020, and a separate balance for sales volumes was the most negative since May 2020, the figures showed.
Experts highlighted rising interest rates and an uncertain financial picture as having taken a toll on the housing market, as well as the expected jump in mortgage rates over the coming six months.
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