A £100,000 London property bargain?

A flat in bohemian Brixton for just £100,000? It's just a five minute walk to the Tube. There's no stamp duty as it's under £125,000. The Victoria Line will whisk you to Central London in a few minutes. And the rental yield could be as much as £1,000 a month.

And the downside? It's in absolutely horrendous condition and the lease is down to 56 years. Still interested? %VIRTUAL-SkimlinksPromo%

100k for South West London

Given the average £450,000 London property price, then £100k for a 1930s mansion block ground floor property will attract some buyers. Estate agents Kinleigh Folkard & Hayward told the Mail that 10 buyers have put their name down for a look. Even the estate agent described the £99,950 property, on a Brixton estate, as "horrendous".

"It's not the prettiest block," the agent told the paper. "It's only five minutes from the Tube station and because it's the end of the Victoria line you are guaranteed to get a seat in the morning." The new buyer will probably have to spend cash on a complete re-fit and £25,000 plus on a new lease extension. But is it really London's last six-figure flat?

Go east

Actually, no. Ellis & Co currently have a one bed flat in London's East End for £72,500. It's in rather tidier condition than the Brixton flat, though it is further out in Shadwell. Then there's this two-bedroom £94,000 flat not so far from the Limehouse Commercial Road.

For a bit more cash - £110,000 - you can still buy yourself a Victorian one-bedder in Leytonstone, East London. Or how about a £115,000 two-bedroom East London Plaistow flat with good views and connections to the Olympic Park?

Escape mortgage slavery

New Council of Mortgage Lenders data claims that first-time buyers in London now have an average mortgage of £192,640 and an average combined salary of just over £52,000. Clearly it's still possible to buy a flat in London for £100k if you're prepared to give up any pretence of a sought-after postcode, and confine yourself mostly to the east side of town.

Give up London and the drudge of a killer mortgage? For £100,000 you could have this pretty three-bedroom cottage with open fireplace near the banks of Scottish Loch Fyne, beautiful views, perfect for boating and fishing.

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A £100,000 London property bargain?
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