London properties selling for under £100,000

London properties selling for under £100,000



798_2022-05-03-11-01-31am.gif
.

Cast your mind back BCC (before credit crunch) and you will remember that finding a property for under £100,000 in the capital was as likely as hearing Gordon Brown warn the banks to be cautious as a recession was just around the corner and the good times wouldn’t last forever.

In fact, it was only at the beginning of 2007 that a former caretaker’s storeroom in

Chelsea

went on sale for £170,000. The snooker table sized flat may have been equipped with a shower and tiny kitchenette, but even estate agents marketing the property were forced to admit that it was “incredibly depressing” rather than “cosy.”

However, fast forward to the present in all of its gloomy, crisis-stricken glory and the housing market is markedly different – to state the obvious. The good news is that in three quarters of

London

’s boroughs, there are now properties on sale for less than £100,000.

The latest figures from property website Rightmove have shown that there are even homes for under £100,000 available in some of the most prime boroughs in the capital, such as Kensington and Chelsea, where a studio flat in a period house is selling for less than £85,000.

In Lewisham, Bexley and Barnet there are properties on the market for under £70,000 and Merton, Newham, Croydon and Southwark feature homes under £80,000.

Property consultant John Wrigglesworth has called these figures positive news for first time buyers and budding property investors. “I believe that just as the housing market led us into recession; it will lead us out of it too.” He said.

 

Leave a comment