Property for sale in London for just £5k - but there's a massive catch

Five grand for a London flat sounds too good to be true - and it might just be
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House prices across the country are sky high, let alone in London, where the cost of a new home can be many more times the price of a similar property located outside of the capital.

That’s why a Rightmove listing for a “Basement Area” in South London’s Norwood has been gaining so much attention - it can be yours for as little as £5,000!

Houses on Queen Mary Road, where the listing is situated, have sold for as much as £642,000 in the past, so dropping just £5k on a property seems almost too good to be true.

Well, turns out it is too good to be true, and there’s a pretty big catch involved - you’ll have to build it yourself...

“The property comprises a development opportunity to create a lower ground floor flat beneath an existing mid terrace house arranged over ground and two upper floors,” says the listing.

“The buyer will be required to excavate the area below the ground floor in order to create a new self-contained flat.”

But, once all that hard graft is done, you’ll be the proud owner of a lovely little property that is situated “close to local shops and amenities,” with the open spaces of Norwood Grove Park within easy reach. Transport links are provided by the nearby Norbury and Gipsy Hill rail stations.

Better start swotting up on those YouTube DIY tutorials then.

The property will be available via public auction on Tuesday 21 May. For more information, head to the Rightmove listing.

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