A tiny single garage in central London has sold for £360,000 at auction – twice the price expected – in the latest example that the capital’s property boom is far from over.
When the single storey unit, which offers an internal space of just 146 sq ft, went on the market with a guide price of £180,000 it caused something of a stir. On Tuesday, it astonished even its auctioneers, when it achieved twice the guide price, despite its small size and the fact that the road layout would make it difficult to get a large car in and out.
We know the people of Kensington drive a hard bargain when it comes to property, but the price tag on this brace of parking spaces is still eyecatching. At £400,000, the two secure underground lock-up garages come in at more than double the average cost of a home in the UK, according to Halifax and Nationwide's latest figures, and around 15 times the average salary.
It’s priced below £200,000 despite its location in one of London’s most sought-after neighbourhoods, so it probably won’t surprise you to learn this property in Chelsea is not somewhere you can actually live.
A row of four tatty garages in south-east London has been sold at auction for almost £140,000, more than three times the guide price.
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