News World $307 a week for this

$307 a week for this

The generally accepted minimum size of apartments in NSW are 50 sqm for a one-bedroom apartment.
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A tiny studio apartment has been snapped up mere hours after hitting the market as London’s property boom takes full effect.

Despite its cramped living quarters and a rent of £170 ($307) a week the apartment, situated close to King’s Cross, found a tenant only 16 hours after being advertised.

• Feeling the property crunch? Join the tiny house movement

An image of the one-window property reveals that it barely has room for a mattress, with a small kitchenette taking up the majority of available space.

The small floor-plan allows little room for free movement and rules out entertaining entirely.

However, the demand for living quarters in London is so high that the apartment barely had a full day on the web before it was snapped up by desperate renters.

“We had a fair bit of interest, I would say,” estate agent Stephen Boochon told The Guardian.

On Wednesday the Royal bank of Scotland became the second major lender to place restrictions on large mortgages following concern that the London property market is entering potential bubble territory.

What’s the worst place you’ve ever lived in? Tell us in the comments section below.

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