PROPERTY – This Is What R1.8m Buys You In London

21 Jan 2016 by Sloane Hunter in Property, United Kingdom

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Yeah, you probably already know the ridiculous price that property in London goes for. After all, it’s the most powerful city in the world as well as the fifth most expensive to live in. So when a flat goes on sale, I’m sure there’s more than a handful of people interested in it. This is called demand.

So a flat that was marked the cheapest in London attracted more than its fair share of buyers. There were 36 in fact and 9 of them made offers. The seller eventually accepted an offer of £79,000, which is just more than R1.8 million.

Describing the flat, the advert had this to say:

An exceptionally rare opportunity for a first-time buyer, landlord or commuter seeking a bolthole to purchase a property in a desirable part of London for the same price as a high-end family car.

In the E5 postcode, flats go for around £383,000 (R9.1 million) however, that’s for properties more than just 75 sq ft.

The buyer plans to rent out the property for six months of the year, and use it himself for the rest of the year.

[source: theguardian]

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