Islington’s cheapest home is a studio flat above a McDonald’s - and it’ll set you back a quarter of a million
PUBLISHED: 07:00 31 March 2016 | UPDATED: 11:46 31 March 2016
The cheapest home on the market in the whole of Islington is a poky studio flat above a McDonald’s that will set you back nearly a quarter of a million pounds, it has been revealed.
Research led by online estate agents HouseSimple found the Holloway Road flat, which overlooks a busy junction, was the cheapest property on sale in the borough, which has some of the worst levels of deprivation in the country. The next cheapest was a one-bed flat in Highbury Quadrant for £295,000.
London Assembly member Darren Johnson told the Gazette: “It just shows how out of control the housing situation is in London.
“We desperately need more housing that ordinary Londoners can afford and this should be done through rent controls and building more social housing to ensure better properties for people.
“These prices are ridiculous and completely out of reach for ordinary Londoners.”
Islington is one of 10 London boroughs where even the very cheapest home for sale is more expensive than the UK national average house price. The most “affordable” homes in Camden, Hackney, Hammersmith and Fulham, Tower Hamlets, Richmond upon Thames, Southwark, Wandsworth and Kensington and Chelsea were upwards of £199,995.
HouseSimple chief exec Alex Gosling said: “Although this research reveals there are properties for sale below the UK’s average house price, the pickings are extremely slim and you’re getting very little square footage for your money. It’s a studio or nothing in many boroughs. It’s not surprising more and more people are starting to move out of London for value.
Caroline Russell, councillor for Highbury East Ward, told the Gazette: “It’s just another example of our broken housing market. The fact flats like that cost so much more than the national average has repercussions for those trying to buy a home.”
Reacting to the research finding, Sean McLaughlin, Islington Council’s director of housing and adult social services, said: “This is one reason the council is committed to providing genuinely affordable housing.”