The 14 most overpriced and ridiculously small properties in London

People pause to look at a large mock up of a monopoly set outside St Paul's Cathedral as the anti-capitalist protest continues, London, October 27, 2011.

REUTERS/Paul Hackett

A mock up of a monopoly set outside St Paul's Cathedral as part of anti-capitalist protests in London, October 27, 2011.

Property prices in London are ridiculously high, everyone knows that. The average house in Britain's capital now costs over £500,000, and that's still rising.

For many people, finding somewhere to live that's reasonably sized, not hours from work, and most importantly, affordable, is nigh on impossible.

Things are made even more difficult by the slew of crazy, overpriced properties that go on sale in the capital all the time. Advertisement

The insane property situation was perfectly summed up on Wednesday, when developer Telford talked about selling "relatively affordable" flats for just under £600,000.

But what are the most insane properties on the market?

Business Insider scoured listings for London properties to find the most ridiculously overpriced properties that are on the market, or have been sold in the last couple of years.
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Some of them are tiny, some are miles from central London, and some of them, you can't even live in. But they've all got one thing in common. They're incredibly expensive for what they are.

Check out the properties below.

This bungalow in Peckham

This bungalow in Peckham

Price: £950,000

Where: Peckham in Southwark, south east London

The property is a 1950s pre-fabricated bungalow, and is absolutely tiny, with just three rooms, an unfitted bathroom, and a small kitchen. It also hasn't been lived in since 2002, so its in need of serious refurbishment. The property was previously owned by Southwark Council, and according to the BBC, cost so much because it is in a so-called "hotspot" for buyers. It sold in November 2015.

A garden in North London

A garden in North London

Price: £1.2 million

Where: Primrose Hill in North London

In July 2015, a 20 metres square garden on Elsworthy Terrace in Primrose Hill was sold at auction for £1.2 million, 12 times the expected price. It hasn't been confirmed exactly what the buyer plans to do with the garden, but given that no planning permission was attached to the patch of land, building a new home could be tricky. At the time of the sale, one estate agent told Pali that the price represented a "significant price for a piece of lawn."

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This 10ft wide house in East Dulwich

This 10ft wide house in East Dulwich

Price: £800,000

Where: East Dulwich, south east London

This house in the SE22 postcode may have two bedrooms, two bathrooms, and off-street parking, but at 120 inches wide, it's also narrower than two normal sized people lying side-by-side. Overall, its has 800 square feet of space, putting it in the £1,000 per sq/ft bracket. That's generally seen as a benchmark for super expensive properties.

An even narrower house in south west London

An even narrower house in south west London

Price: £300,000

Where: Twickenham, south west London

Another ridiculously narrow house, albeit with a slightly lower price tag than the property in East Dulwich. First reported in early 2015, this house — near the home of England's rugby team — is even narrower, measuring just eight feet wall-to-wall. That's roughly the width of two ten-year old children.

Overall, the inside of the house, which used to an annex on another house, is just 322 square feet, but it does come with a pretty sizeable garden, so it's not all bad.

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This flat that's almost as small as a prison cell

This flat that's almost as small as a prison cell

Price: £295,000

Where: Princes Gate, South Kensington

While the UK doesn't have a legal requirement for the size of prison cell, guidelines say that they shouldn't be any smaller than 7 square metres excluding a toilet cubicle. In July 2015, the Daily Mail reported that this studio flat in the upmarket district of Kensington was just 9.33 square metres, despite costing nearly £300,000, way more than the UK average house price. The flat doesn't have its own bathroom, and there's barely room for a small fridge and a microwave.

This parking space near Hyde Park

This parking space near Hyde Park

Price: £350,000

Where: Close to Hyde Park, west London

The 19.5ft by 8ft parking space, which is situated just behind Hyde Park Gardens near Marble Arch, is comfortably the most expensive single space on sale in the country. When the space was listed in March this year, estate agent Knight Frank called it "A rare opportunity to purchase a private parking space for one car, located behind the prestigious Hyde Park Gardens and ideally located for the transport links of the M1." Parking in London is notoriously difficult, but this seems a bit steep.

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The "smallest house on the market"

The "smallest house on the market"

Price: £275,000

Where: Islington, North London

Billed as the smallest house on the market, this one-room "house" in Islington is just 150 sq/ft, and so small that residents have to climb over the kitchen counter to get to bed, and you can touch the walls on each side of the house when standing in the middle. It first appeared on the market in 2014, and was sold in October 2014, so now it is probably worth well over £300,000

When the house first went to market, architect Chris Dyvik told Sky News: "You might see similar types of compact units being built. People need to be creative in London to survive with these housing prices."

The "cheapest home in Islington"

The "cheapest home in Islington"

Price: £240,000

Where: Above a McDonald's on Holloway Road, Islington

According to research from online estate agent HouseSimple, cited by the Islington Gazette, this studio-flat on Holloway Road in north London, is the cheapest in the borough of Islington.

The same research showed that ten of London's 32 boroughs don't currently have a single property for sale that costs less than £190,000, the average house price cited by the Land Registry.

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This disused garage on an industrial estate

This disused garage on an industrial estate

Price: £550,ooo

Where: Camberwell, south east London

This garage was formerly used as a place for the Mayor of Southwark to park his car, but it was a disused wreck when it sold for £550,000 in April 2014. It was auctioned with an expected value of around £200,000, but a huge bidding war pushed the price upwards.

The price is especially huge when you consider that the average flat in Camberwell is worth around £380,000, according to data from RightMove. At the time the garage was sold, the Daily Mail reported that it will likely be used as an artists' studio.

An "uninhabitable" basement flat in Kensington

An "uninhabitable" basement flat in Kensington

Price: £600,000

Where: South Kensington

This basement flat on Stanhope Gardens in South Kensington first went on the market in 2014, described by estate agent Hamptons as "completely unmodernised." At three times the price of the average UK home, anyone buying the place might expect there to at least be wallpaper.

Here's a small extract from the particulars listed at the time: "The property is currently uninhabitable but would make a generous sized one bedroom flat or could with careful planning make a two bedroom flat."

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A "lego-style" home built on a roof

A "lego-style" home built on a roof

Price: £1,995,000

Where: 28 Nottingham Place, Marylebone

This property is expensive even for London, and the price is even more amazing when you consider that its built on a rooftop, and is essentially a pre-fab flat that has been craned on top of a building. It's fairly big at 1,219 square feet, but still works out at well over £1000 per sq/ft.

Rokstone, the estate agent selling the property says that "rooms on the roof are one solution for helping to solve Londons housing crisis" but at almost £2 million, we can't imagine many Londoners will be buying one any time soon.

This nearly half-a-million pound parking space

This nearly half-a-million pound parking space

Price: £480,000

Where: Kingston House North, South Kensington

We're not sure if this space is better or worse value than the space in Hyde Park Gardens mentioned above. The space, first listed in March 2015 by Foxtons, went on sale for £480,000 and features a triple-width space, along with amenities including a valet service, and chaffeur lounge.

While it does cost less than the average London property, the space is nearly £200,000 more than the average price of British homes, according to the ONS.

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A single garage worth more than £350,000

A single garage worth more than £350,000

Price: £360,000

Where: Crescent Place, Chelsea

Another uninhabitable property that sold for well above the average cost of a house in the UK, this single garage down a back alley in Chelsea was auctioned in February this year. It was listed for £180,000, but sold at auction for twice that after a bidding war. At 146 square feet, it cost £2,465 per square foot.

At the time of the sale, the Guardian quoted Savills head of auctions, Chris Coleman Smith as saying: "This part of London is an affluent residential area with a chronic lack of off-street parking, so we expected the garage at Crescent Place to attract a lot of interest."

A toilet for more than the average monthly salary in London

A toilet for more than the average monthly salary in London

Price: £3,000 per calendar month

Where: Highgate, north London

Amazingly, someone is trying to rent a toilet for £3,000 per month in the north London suburb of Highgate. It was listed by builder James Atherton, who owns the toilet inside a block of flats. Speaking to the Camden New Journal in April, Atherton said:

“The bus drivers in Highgate don’t have a toilet,” he said. “I thought they might be interested in buying it, or maybe three of them could get together and rent it. I hope they don’t shut the public toilets in Pond Square because they are needed but it would be good news for me in a business sense.”

No one has made an offer for the loo yet, and Atherton is considering selling a 20-year lease for £20,000 instead of the monthly fee.

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