Five studio flats on the market for around £1 million

Tower Bridge in London, UK

If you've got £1m burning a hole in your pocket, you could be forgiven for thinking that the property market was bursting with enormous properties with lavish grounds for you to fill with swimming pools and cinema rooms. However, you'd be wrong, because in some parts of town, it would barely buy you a studio flat.

At the moment there are five studios on the market for around this price - so why are they so costly?%VIRTUAL-SkimlinksPromo%

Overlooking tower bridge

For £1.1m you can get a studio flat, in Shad Thames, where your dining room, lounge and bedroom are one and the same. The kitchen is squeezed around the corner, and there's a separate bathroom - but that's your lot.

In this instance you're paying for the location. You're in an impressive warehouse conversion overlooking Tower Bridge. In fact it's the closest residential block to the bridge. This is no tiny cupboard either: at 950 square feet it's bigger than many two bedroom flats in the capital.

A stone's throw from Kensington Gardens

For £1.1m you can get yourself a studio apartment overlooking Kensington Gardens. Here you're paying partly for the location, and partly for the swanky nature of the flat.

It's a gated development which was once a parade of Grade II listed houses. The interior was designed by David Linley, and the fancy features include a Spanish and Italian marble bathroom, underfloor heating and state-of-the-art audio and video systems.

There are also communal services like the gym and swimming pool, housekeeping, personal shopping and catering services.

New build

The location here benefits from being right by the Thames, but given that it's in Vauxhall, it's not the location alone that's behind an asking price of £1.028m.

You're paying to be in a brand new shiny tower called The Tower, One St George Wharf. It's what's known as a 'Manhattan Suite Apartment'. You're on the 12th floor, with floor-to-ceiling windows with luxury fittings and fixtures. There are also the kind of top-notch communal services that every multi-millionaire needs in their London pad - from a pool and sauna, to business rooms, a cinema screening room and a private dining room.

Cutting edge in Belgravia

For your £999,999 you get a brand new property just off Eaton Square - where the snob value of the location and the luxury features of the property combine to make the developers think they can charge this sort of sum for a 355 square foot studio on the lower ground floor. It'll be completed later this year.

Warehouse loft by the Thames

You're buying into a lifestyle with your £995,000. The flat in the converted New Concordia Wharf building on the wrong side of Tower Bridge could easily have been chopped up into a three-bedroom property given that has 1,100 square feet, but the developers decided to pitch this at the kind of buyer who wanted a completely open-plan approach. They have (fortunately) separated off the kitchen and bathroom.

But what do you think? Do these luxury studios appeal to you. Or is this an insane amount to spend on a property with just one living space?

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The tiny home built for $11,000
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Five studio flats on the market for around £1 million

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