London studio flat could be yours for £265k – but it needs some work

It’s rare to find a home for sale in London that’d leave you with change from £300k.

But if you’re willing to put in the work, it can be done.

This studio flat in Islington recently went on the market with a guide price of £265,000. However, the new owner will need to be someone who’s happy getting their hands dirty.

Agents say the first floor, self-contained flat ‘requires updating’ – and they’re not wrong.

Comprising a living room/bedroom, a galley kitchen, and a small bathroom, it’s not the smallest of studios we’ve seen (especially against this eyewateringly expensive £1 million Kensington bedsit).

From the front, it also looks like any quaint North London terrace. It’s the interior of the flat that’s in need of some TLC.

The main room has a threadbare floor with what appears to be old underlay covering the boards.

On the walls is stained wallpaper and wood panelling that’s seen better days, as well as a dated electric fire covering the cracked tile fireplace. A stripe of moisture along the window-side ceiling also raises a few red flags too.

Bubbled vinyl covers the kitchen floor, alongside some seriously busy floral wallpaper, and photos show wobbly shelving and kitchen units missing doors and drawers.

In terms of appliances, there’s a gas cooker and grill tucked into the corner – but not much else.

The bathroom in the property follows a similar theme, with clashing yellow and blue gloss paint, more cracked tiling, and stains and chips to the tub (still a tub, though).

The location is a major selling point for the home. Essex Road and Highbury and Islington stations are nearby, as is Rosemary Gardens and Shoreditch Park for a spot of fresh air.

The average value for a flat in the coveted N1 postcode is £673,161, and those sold recently on the same street have attracted sale prices of upwards of £700,000.

It’s unlikely that the person who buys this would be able to move straight in, but on the surface it looks like most of the work is purely cosmetic.

So if you’re a dab hand at renovations and know your stuff, it could be a labour of love; one that allows you to reap the rewards by growing your property’s value and creating a bespoke home to live in.

Think you’re up to the job?

The apartment goes to auction on June 29, with viewings held by Barnard and Marcus over the coming weeks.

Check out the listing and enquire to view at Zoopla.

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