A new report by online estate agents, HouseSimple.com, has revealed that there are currently 585 one bed flats for sale in the UK for more than £1m.
Despite the recent lull in property prices in the capital, they are all still in London.
HouseSimple.com found that a £1m plus price tag doesn’t necessarily equal spacious and discovered four studio flats currently for sale over £1m but under 500 square feet- the smallest being in Westminster, for £1.04m, measures just 416 square feet; that’s 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 the 0% first time buyer stamp duty freeze announced by the Chancellor in last Autumn’s Budget. And if you’re budget does stretch to one of the UK’s most expensive one-bed flats, remember to have enough left in your budget for a sofa bed if you have guests.
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 – that’s almost 22 times more than the average UK property*. For that price tag, you’d expect the furniture to be made of solid gold. But you’re paying for location. This flat is in a Grade 2 Listed building on Ennismore Gardens, which is one of the finest addresses in prime London. What’s surprising is 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.
According to Zoopla property listings, 27% of these £1m plus flats are in the borough of Lambeth, while just under a quarter (23%) are located in the City of Westminster, and 22% in the Royal borough of Kensington and Chelsea.
Despite the price tag, these flats don’t come with out-of-this-world perks, although most offer a 24-hour concierge service. But buying one of these prestige properties is very much about owning a property in the best location, and in some cases, with the best view.
The following table shows the 10 most expensive one-bedroom flats currently for sale in the UK:
|Location (all London)||Description (images available)||Guide price|
|Ennismore Gardens, Knightsbridge, SW7||1,390 sq ft, resident caretaker||£4,950,000|
|Knightsbridge, SW7||893 sq ft, bedroom with en-suite, underground parking, 24-hour concierge, gym, swimming pool||£3,750,000|
|The Knightsbridge, Knightsbridge, SW7||801 sq ft, 24-hour concierge, leisure suite, spa, swimming pool||£3,495,000|
|One Blackfriars Apartments, Blackfriars, SE1||Concierge service, valet parking
|The Knightsbridge, Knightsbridge, SW7||704 sq ft, located in one of Knightsbridge’s most prestigious buildings||£2,950,000|
|Ebury Street, Belgravia, SW1||Concierge, underground parking, gym and sauna, terrace||£2,700,000|
|Buckingham Palace Road, Belgravia, SW1||Private terrace, gym, parking, private terrace||£2,595,000|
|The Knightsbridge, Knightbridge, SW7||704 sq ft, 24 hour concierge, underground parking space||£2,500,000|
|St John Street, Clerkenwell, EC1||On the second floor of one of Clerkenwell’s finest warehouse buildings||£2,495,000|
|Old Brompton Road, South Kensington, SW5||Rare to the market flat, which has the proportions of a palatial residence||£2,450,000|
Sam Mitchell, CEO of online estate agents HouseSimple.com, comments: “Over the past few months the London property market has noticeably cooled, with prices down at least 10% from their peak in many areas. Affordability has been a major issue for the average buyer, but we have also seen the top end of the market struggle with fewer overseas investors looking at the capital as a safe haven for their money.
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.”
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