Dreams of owning a property near London can come true! Buy a home of your own within the M25 for just £30,000 (garage not included)
If you're a tenant who has given up on ever buying a home due to the unattainable six-figure asking prices, now may be your opportunity. For a property in Essex has come onto the market with a price tag that is less than most people pay as a deposit.
With a guide price of only £30,000, the property costs just marginally more than a typical annual salary of £26,500.
It is a rare find for anyone looking to buy a property within the M25, where most properties tend to have an extra zero added onto the price. The average price of a property in this area of Essex - Romford - is £303,668, having risen in value by more than £18,000 during the past year, according to the latest figures by property website Zoopla.
The £30,000 property is within the M25 and includes a kitchen, shower room, toilet and a wash basin
The low asking price hints at property values enjoyed by past generations who stepped relatively easily onto the property ladder by borrowing only two or three times their salary.
With a typical value of a home in Britain edging towards £200,000, buyers today earning an average salary need at least five times their salary once a £50,000 deposit - the equivalent of 25 per cent of the purchase price - is taken into account.
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The latest house price index released by Nationwide earlier this month suggested average prices had risen to £195,585. However, this figure is for the country as a whole and prices in London tend to be even higher due to a shortage of properties.
The gap between London house prices and the rest of the Britain has continued to reach new records with the typical price of a home in the capital costing £443,399, the Nationwide suggested last month.
The average price of a home in Britain has risen 3.8% in the past year to £195,585, according to Nationwide
The £30,000 property is being sold via auction on October 27 by Auction House London, which describes it as a 'single storey detached studio unit'. The 'unit' closely resembles the size and shape of a garage.
However, while it may not have stairs or a garage of its own, it does boast its own entrance and is close to the shops on Crow Lane in Romford. It is a leasehold property, with 91 years left on the lease.
The studio room is advertised as having a 'kitchenette', along with a shower room, toilet and wash basin.
The property has a what is described by agents as a 'kitchenette' with six cupboards and a window
The £30,000 property may be small but it has a separate kitchen area and a totally separate shower room
The property also has good transport links nearby and Eastbrookend Country Park is within easy reach.
Andrew Binstock, director of Auction House London, told MailOnline: 'This is a rare opportunity to purchase something within the M25 that is within this price range.'
The property is the latest in a trend for smaller properties to rent or buy. Only last month, a mattress crammed under the stairs was being advertised for £500 rent a month. The property in London's Clapham did not include household bills.
There is a danger with smaller properties that they can be dark, but extra light is provided with a skylight
