Sometimes the real estate prices are difficult to explain. Many factors besides demand and supply come into play to determine the market price. A one bedroom house in Mayfair, London has been listed for sale for an asking price of a staggering £1.8 million. If it finds a buyer at the asking price then it will become the Britain’s most expensive one bedroom home by a wide margin. The property in question offers only 726 square feet of living space which makes every square foot worth almost £ 2,500. If you are not fussy about the address and don’t mind moving to West Yorkshire you can acquire an entire terraced street boasting of 24 homes for under £2 million.
This puts in perspective the staggering price tag and how expensive the small home is. It is no doubt a discreet central London address but it only features an open plan kitchen and a living room with a balcony measuring 17ft by 14ft on the first floor. There is a study and guest cloakroom on the ground floor. It is a three storied structure with the bedroom on the top floor. The bedroom measuring 18 feet by 14 feet comes with en-suite bathroom. It is a small house and yet the price tag is ten times higher than the average price paid for a home in England and Wales.
It is to be seen if the listing succeeds in attracting a buyer without any revision in the asking price. Even in up market addresses like Clifton, Bristol you can acquire a mansion for less. However, the cozy Mayfair mews house in Red Lion Yard must be hopeful of getting a buyer as a home which is about 25 times larger and is located just a minute away was sold earlier this year for £50 million. By that measure the price tag is justified and reconfirms the strength of the real estate market. Watch this space for any development on the listing but for now it is the most expensive one bedroom home in Britain as per the listing.