According to real estate expert Nick Millican, the cost of living crisis and rising mortgage interest rates have impacted property prices. Property prices have skyrocketed. Even small rental properties now go for a premium rate. Recently, a small studio flat has gained attention for its unique size.
The studio flat is approximately the size of two prison cells and is currently on the market for £1,192 per month.The small studio flat measures 12m², which is twice the size of a current UK prison cell at 6m². Nick Millican adds that the small flat has a kitchenette, a cupboard, and enough space for a single bed.
The kitchenette has a compact unit with an oven and two cupboards. There’s also a shared bathroom available for use. Real estate expert Nick Millican reports that London’s high demand for properties has caused prices to rise within a few months. And research has estimated that London rent prices will rise by 8.2% in 5 years.
The small studio flat is located on the third floor of a Georgian townhouse that is on Old Brompton Road. Nick Millican comments that the flat is within walking distance of the tube, an ideal location for people who have to commute.
Research conducted by Spareroom, a flat share app, shows that rent prices from flat shares in the same postal code as the small studio flat were £1,174 in the third quarter of this year. As Nick Millican finally states, there is a high demand from tenants who want to rent a property but a low supply.