Three properties for the price of a parking space

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The parking space

There's a lovely little place on the market at the moment, nestling between Islington and Kings Cross, and costing just £60,000. Apparently it has a gated entrance and is handily positioned on the ground floor. The only downside is that you're not going to get an awful lot in the way of living space, fixtures or fittings, because this property is actually a parking space.

It sounds like yet another reason why no-one can afford to buy any living space in London on a budget. However, this isn't true. We've found three reasonable properties for roughly the price of this parking space.

Auction property

Most property priced down this end of the market is for sale by auction. Obviously the only thing you know before the auction itself is the guide price, but there's one property with a guide price that's lower than the cost of parking: a one-bedroom flat in Abbey Wood which has a guide price of £55,000. It's a former council block overlooking South Mere, and it's not going to win any beauty pageants. However you do get a balcony - and at least the views are good.

Shared ownership

Aside from auction property, if you want something reasonably traditional, you're looking at shared ownership. One of the cheapest is a £60,000 two-bedroom apartment, on the fringes of what could realistically be called London - in Thamesmead. The reason it's so cheap is that you only get a 25% share, and you have to pay a subsidised rent on the rest of the unowned equity.

A boat

A slightly more expensive, but fully-owned, option, is a boat, which is currently in the Limehouse Marina. To be more precise it's a motor cruiser. You wouldn't want to go swinging cats in it, but in theory it sleeps six people, and has a serviceable galley and seating area - as well as plenty of open deck space for the summer. You'd have to be comfortable using the marina for the laundry facilities, but you' re a stone's throw from Canary Wharf, so your commute could be cut to 15 minutes for this bargain price.

No-one is going to argue that these are the most desirable living quarters in London. However, for the price of an Islington parking space, they have their own unique charms.

But what do you think? Would you buy here, or would you rather buy a one-bedroom ground floor maisonette in Swindon for £90,000 and commute?

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