London has 585 one-bed flats for sale for more than £1m, research by online estate agents HouseSimple.com reveals.
But the £1m plus price tag doesn’t necessarily equal spacious – with four studio flats currently for sale over £1m but under 500 sq ft.
Sam Mitchell, chief executive, said: “The smallest flat, in Westminster, was on the market for £1.04m, measured at just 416 square feet; a fifth of the size of a singles tennis court.”
One-bed and studio flats are generally seen as first-time buyer properties, but theses flats are at least £500,000 too pricy to be eligible for stamp duty cut announced by the Chancellor in last Autumn’s Budget.
The most expensive flat for sale in the UK is in Knightsbridge, and is currently on the market with a guide price of £4,950,000 – almost 22 times more than the average UK property.
It’s in a Grade 2 Listed building on Ennismore Gardens, which is one of the finest addresses in prime London. The lease is less than 100 years, which means any buyer might need to think about extending the lease before it drops below 80 years.
Zoopla property listings showed 27% of these £1m plus flats are in the borough of Lambeth. And just under a quarter (23%) are located in the City of Westminster, and 22% in the Royal borough of Kensington and Chelsea.
Mitchell added: “We could well see a further correction over the coming months, particularly if Brexit negotiations don’t make sufficient progress.
“However, though prices in London have stalled for the time being and foreign buyers are more cautious about investing here, the average price of property in the capital still means it’s one of the most expensive cities in the world to buy.
“These one-bed flats sourced in our research aren’t ever going to be on the radar of the typical first-time buyer. They are more likely to be purchased by wealthy business travellers commuting to the capital.”