Property: Two bed flat in London could be yours for just £1 – here’s how it works

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With house prices continuing to rise, a cheap home is sure to catch the attention of many. A property in London has been listed for just £1 – why is it so cheap?

Demand for housing has shot up in the last few months as the property market reopened.

While moving plans were temporarily put on hold during the coronavirus pandemic, homeowners are now free to relocate.

Those looking to buy a property can make a quick search online to bring up a host of listings.

One apartment has been offered up with a tiny price tag that is sure to turn heads.

The stunning luxury apartment is located in Kentish Town in North West London.

The 525 square foot flat is on the ground floor and boasts two bedrooms.

Potential buyers will also find a 17 foot reception and a private terrace.

The property has been valued at £500,000 but could be picked up for a fraction of the price.

Why is it so cheap?

A quick scan of the description shows why the asking price is so low.

The house is on sale as part of a raffle by Win My Dream Home, meaning potential buyers are not guaranteed the apartment.

Those hoping to try their luck can pick up a ticket until December 31 for £5.

Homeowners can also bulk buy to make the price cheaper, with 100 entries costing £100 – working out at £1 per ticket.

Properties that are sold as part of a raffle or auction often sell for a bargain price.

Using an auction can also benefit the seller with homes often being sold quickly, according to experts at auction specialist iamsold.

“Auction isn’t just for older properties or ones that don’t sell,” they said.

“Any property type can be auctioned, whether a five-bedroom family home or a city centre studio apartment.

“The whole process is done online, reducing a lot of the admin and back and forth which helps to speed things up.

“It’s widely available through many well-known and independent estate agents all across the UK, so worth a conversation during your initial market appraisal meeting to see if it could be a good option for the successful sale of your property.”

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