Tiny London flat with bed in kitchen on sale for £115k – same as Leeds three-bed

News

A tiny London flat with a bed crammed into the kitchen is on sale for £115,000, the same as a three-bed semi-detached house in Leeds.

Both properties have been listed on Zoopla in the last 30 days, highlighting the huge property price divide between the capital and almost anywhere else in the country.

The studio flat, in Bromley, comes complete with kitchen appliances – but a photo shows the head of the bed sitting a foot from the oven door.

The only other interior photo shows a bathroom.

Meanwhile, the house in the Yorkshire city’s Swarcliffe area has three spacious bedrooms and a fitted kitchen.

There’s also a back garden with a section of decking with wooden railings.

The Leeds property is a freehold, meaning a buyer would own the house and the land it stands on, for an unlimited period.

While the south east London one is a leasehold for a set period – in this case for 125 years from March 2007.

Leaseholds often experience a deterioration in value the closer it gets to the end of a term.

The sale price doesn’t always include ground rent and maintenance either, and in this case these are both listed as ‘TBC’ or to be confirmed.

It comes as pressure is mounting on Chancellor Rishi Sunak to extend the stamp duty holiday for people buying a new home.

As things stand, on March 31, the tax comes back in full – potentially leaving anyone with a property purchase underway, but not quite finished, with an extra bill for as much as £15,000.

The move could have a catastrophic effect on the property market – with experts predicting as many as one home purchase in five could collapse as a result.

Property website Rightmove says about 100,000 buyers face shock tax bills because they will miss the cut off.

It estimates £1.5billion worth of sales could collapse without an extension.