It's no bigger than the average four-person tent, but a flat thought to be one of the smallest in London has sold at auction for 80 per cent above the asking price.
The 7-square-metre "microflat" in Lower Clapton, East London, was dubbed an "investors dream" by property agency My Auction when it was listed for sale last week.
The property was listed at 50,000 pounds ($94,000), but the real estate agency expected the property would sell for double its asking price at when it went under the hammer, after it was purchased for 103,500 pounds in 2017.
The online auction for the flat began at midday on February 22, but the first bid wasn't placed until the next day at 1:44pm, with an initial offer of 76,000 pounds.
Bidding then escalated by 1,000 pounds with each of the 14 bids, before bidder six swooped in seconds before the auction closed at 4pm on February 23 with the winning offer of 90,000 pounds ($168,000).
Flats sold in Lower Clapton in the past year had an average price of 517,000 pounds ($970,000), according to UK property website Rightmove.
The no-frills property is on the ground floor of a Victorian terrace house that has been converted to contain several flats.
Inside, a single bed rests on top of four built-in shelves that also serve as a stepladder, a mini-fridge, three drawers and space for a microwave.
A sink, shelf and collapsible dining table complete the main studio area, with a separate wet room for privacy containing a toilet, sink and shower.
If the single bed isn't big enough, the flat could theoretically fit two queen size beds — although it would take up what remains of the unit's floor space, and getting them in the door could prove challenging.
All up, the flat is half as big as an average parking space, has enough space to lay out six and a half bath towels, and is a quarter of the size of the average hotel room.
The tiny flat's listing marketed the property as having an enviable location, within walking distance to trendy cafes, bars, restaurants and shops, and being nearby several above-ground stations.
Although it may be too small even for most minimalists or tiny house enthusiasts, the flat has been rented by a tenant for 800 pounds ($1,500) a month, meaning the new landlord will pocket a little over 9,600 pounds ($18,000) a year.
When it was first listed, the flat was held up as an example of how inaccessible housing in London has become.
Julia Rugg, a research fellow at York University's centre for housing policy told the Guardian the property was "barely suitable as a hotel room, and does not constitute sustainable living space".
She said it would be a "worrying development" if microflats were seen as a solution to housing affordability in the British capital.
