A LONDON flat smaller than the average parking space with a microwave that can only fit under the bed is up for auction for £50k.
Buyers can bid for the 75-square-foot studio flat in the trendy east London area of Clapton from next week.
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The successful buyer will bag themselves a first floor flat in a Victorian terraced home that comes with a 994 year lease.
The matchbox apartment consists of a built-in-bed complete with a microwave underneath it and a snug fold-out table.
There’s also a tiny cooking space and a combined toilet, sink and shower, and heated towel rail.
The auction will begin on February 15 with potential buyers given just 24 hours to bid for the small flat.
London auction house My Auction, which is selling the property, described it as “investment opportunity producing £9,600 per annum”.
The stowaway home is nestled between Homerton and Hackney Downs and has several Overground stations nearby and Homerton University Hospital.
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Stuart Collar-Brown, a director at My Auction, said the flat was a great opportunity for anyone looking to get on the property ladder.
“The flat is small — but then again, you also can’t buy a long-leasehold property in central London for £50,000 so it’s a great opportunity,” he said.
He added that because the size of the flat, buyers won’t be able to get a mortgage and will need to stump up the cash up-front.
“You can never predict what these properties will achieve at auction but since the new year we have seen no slowdown of interest from professional and first-time auction buyers with our last sale producing 95 bids,” he said, adding the new owner would make their money back through rent in just a few years.
“This property won’t be short of potential tenants. We’re seeing a wide disparity of good quality stock in the rental market and the number of potential tenants.”
He continued: “This is driving up rental rates in the capital and offering landlords yields that haven’t been seen since 2016.
“This is a good solid asset for the right buyer in a well maintained building and a popular location.”
But others are urging buyers to think twice before bidding for the small flat.
Chris Skyes, from mortgage brokerage Private Finance told The Times that buyers can’t get a loan because few people are likely to live in the property.
He added that buying the flat to rent was a risky bet and that its value may be too low to meet the minimum loans available.
It comes as a home with no bed in one of London’s swankiest postcodes is on the market for £250,000.
The home has a little kitchenette, some storage cupboards and a shower room and a very slim sofa that doubles as a bed.
And a Victorian property in Kensington, West London, which is so small that the bed blocks the entire kitchen, is being rented out for £390 a month.
The listing brags about how the Victorian pad is in a great location, boasting it is “fully furnished” and has trendy “wooden floors”.
However, the one-person bedsit is so thin that the bed is almost touching the kitchen sink, and blocks the fridge from fully opening.
Because it is so small there isn’t even enough space for a bathroom with the shower and toilet shared with the other residents in the block.
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