Tiny Flat Worth One Million
The tiny flat in Mayfair is no bigger than the average family’s sitting room but it comes at a big price – £1million.
It is even smaller than a London Tube carriage and there is a hefty £3,000 annual service charge on top.
But with the luxurious five-star Ritz Hotel in one direction and Green Park in Mayfair in the other, estate agents think it won’t be on the market for long.
Nobu, a restaurant frequented by celebrities, is just a few doors down and Berkeley Square is over the road.
There is just one bedroom, a tiny kitchen, bathroom and living room squeezed into 461 square feet.
Peter Wetherell, of Wetherell Estates, expects a lot of interest in the property.
He said: “A few years ago you could find a property like this for £250,000, but an entry level one bedroom flat in Mayfair is now £1million.
“You have some wonderful neighbours with this flat. You turn left and it is the Ritz and go right and you’ll find Berkeley Square, with London’s oldest trees.
“It could be a very nice pied-a-terre but I think someone will actually live there.
“It is the first rung on the ladder for the Mayfair experience.”
The property, on Berkeley Street, demonstrates the incredible position of the London housing market, where prices are going through the roof.
Average earners in some of the capital’s boroughs would need to more than double their annual salary just to get on the housing ladder.
Research by housing charity Shelter has found a typical salary in Hackney, east London, would need to increase by more than £100,000 just to keep pace with the rise in property values.