A London flat with the bed an arm’s length from the kitchen sink can be had for £1,200 a month in one of the city’s most expensive postcodes. A future Kensington studio tenant would need to sleep next to the kitchen, but some might say the price is a steal.
According to Foxtons estate agents, the average property in Kensington costs over £4,000 to rent and £1.4m to buy. Studios can be bought for £414,000 and rent for an average of £1,500.
An advertisement for the property on OpenRent states that it has been “recently renovated” and the rental fee covers heating and hot water. It is also equipped with laminate flooring, a double bed, separate shower and toilet.
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Local Labor Councilor Emma Dent Coad criticized the tiny property, claiming it was too expensive. She said: “People will be queuing around the block for this. What terrible times we live in.”
The property is a terraced manor house on Wrights Lane, W8 – a 3 minute walk from High Street Kensington tube station and 12 minutes from Earl’s Court station. Around 3,000 locals in Kensington and Chelsea are on the council housing waitlist. Figures show that property in the borough remains the least affordable in the UK, typically costing 36.5 times median income.
In South Kensington 80 per cent of houses cost over £1million and even garages are selling for £150,000. The landlord was asked for an opinion.