One bed flat on sale for £2.65 million

For those looking to buy a small place in London, this might just be the most disheartening property listing yet.

The one bed, "raised ground floor apartment" has been put on the market for a cool £2,650,000.

The flat, in the Royal Borough of Kensington and Chelsea, is housed in a partially Stucco fronted, period building that boasts private parking and direct access to the communal gardens.

It also has a spacious 560 sq/ft drawing room with ornately decorated high ceilings, a long galley kitchen and a well-designed bathroom to match.

But is it worth it for the small fortune that it's on the market for?

The average age of first-time buyers is slowly increasing and for many young people living in the capital at the moment it seems there may never be an opportunity to buy thanks to sky-rocketing rent prices and stagnant wages.

There are suggestions that the extortionate prices are directly related to the short supply of housing in the capital, the New Statesman reports.

The average price for a one bedroom house in the same postcode (SW5) is now £708,000, according to London Property Watch.

This is nearly four times as much as a property of the same size in Eltham (SE9) which would cost you £180,000.

July last year saw UK house prices hit a record high, increasing by nearly 12% in the previous year, the Guardian reported.

But UK house prices slowed again this January and even the housing market in London has showed signs of dropping.

The fact that people are struggling to buy in London is clear when you see that this desirable property was first listed for sale at the end of January this year, and it is yet to be snapped up.