A property described as London’s smallest flat allegedly has a rental yield of 10 per cent - yet it cannot be mortgaged.
The newly renovated converted Victorian studio in Hackney measures just 75 square feet.
The first floor flat has room for a captain’s-style bed with cupboards and shelves, a microwave underneath and space for a fridge, fold out table, sink and separate private bathroom.
My Auction, the online auction house which sold the property, claims that at the sold price of £90,000, the property would provide a rental yield of 10 per cent a year.
But the company says that because of its size the flat cannot be mortgaged.
The flat comes with a long leasehold of 994 years.
My Auction director Stuart Collar-Brown says: “This property has attracted a significant level of attention, largely from buy to let investors who recognised the substantial return potential.
“The flat might be small, but its highly functional and with such disparity of good quality stock in the rental market and the number of potential tenants, properties like this don’t hang around for long.”
Want to comment on this story? Our focus is on providing a platform for you to share your insights and views and we welcome contributions.
If any post is considered to victimise, harass, degrade or intimidate an individual or group of individuals, then the post may be deleted and the individual immediately banned from posting in future.
Please help us by reporting comments you consider to be unduly offensive so we can review and take action if necessary. Thank you.
Following the introduction of new HMO licences in Hackney, east London,...
A favourite route for a landlord acquiring properties - at auction...
A London Labour council is putting an extra £400,000 into enforcement...
Rogue landlords in one area of London could face unlimited fines,...
The vast majority of tenants are unaware of new laws introduced...
Despite the recent tax crackdown, buy-to-let continues to look an attractive...
The property market had enjoyed a boost thanks to the outcome...
There wasn’t much by way of good news in the Spring...
National Landlord Investment Show has announced that the former Leader of...
Twenty twenty-four is a pivotal year for landlords in the Private...
The management of BTL properties, whether it's a modest collection of...
We are thrilled to report that the first National Landlord Investment...
If interest rate rises weren’t enough to drive landlords out the...
Landlords play a crucial role in providing safe and comfortable housing...
.jpg)
Calling all landlords, Investors and property professionals: National Landlord Investment Show...
A recent survey by digital mortgage lender, Molo, revealed that nearly...
In the buy to let market, success goes beyond the transaction...
Mohammed Sharaz, a landlord from Bradford, recently seized an opportunity to...
We believe a well-functioning housing system is one that meets everyone’s...
It’s not just the weather that’s wet and dreary – the...
As the ‘big buy-to-let’ sell off gathers momentum, we take a...
The challenges facing the property market right now are well reported;...
If you are a landlord looking for the silver lining in...
This year is set to bring sweeping rental reforms that will...
Landlords are exiting the market in droves. According to an accountancy firm...
%20(002).png)
Newable Finance, the finance brokerage & advisory arm of Newable, launches...
As landlords continue to exit the market, there seems to be...
Homes in the rental sector are more likely to have old...
A council has prosecuted a landlord for letting out two HMOs...
The Labour-led government in Wales has issued a consultation proposing the...
Another council is looking for landlords with rental properties to match...
Another council is looking for landlords with rental properties to match...
.png)
Landlords and renters’ activists are at either end of the spectrum...
A prominent lettings sector expert is blaming the media for anti-landlord...
Who are you and what does it say on...
Who are you, and what does it say on...
Who are you? I am the Head of Broking for...
Join the conversation
Jump to latest comment and add your reply
I'm surprised the council bureaucrats allow it to be rented out!
Their policies show they prefer people to live in cardboard boxes than in EPC D rated properties.
Their policy and that of central government is that one day the plebs will all live in shoe boxes in the sky rented from large BTR companies, but I doubt you and I Robert will still be around to see that.
I'm coming back to haunt them!
Well no hope of getting a license for this one with minimum room sizes and facilities requirements.
London smallest buy 2 let, someone is having a laugh here, newly renovated converted so called Flat, was planning permission obtained and how could it possibly be granted. When the minimum size for a one person Flat is 37m2 (398 sq ft) and they are talking about just 75 sq ft, with 10% return it couldn’t even be let out, come off it and grow up.
Please login to comment