A one-bedroom flat for sale up north is going under the hammer for an astonishing price more than £280,000 cheaper than the average price for a similar property in London.
The 607-square-foot home in the historic fishing port of Grimsby, Lincolnshire, has been listed for just £5,000 with site auctionhouse.co.uk.
According to GrimsbyLive the auctioneers are inviting registrations to bid for the property when it is sold via online auction on Monday April 15, at 1pm.
The flat, in Wellington Court, Wellington Street, is described as a vacant one-bedroom, ground-floor apartment, with on-street parking available nearby.
A description on the site RightMove shows the floor plan for the flat includes a large reception room, bedroom, kitchen and bathroom.
A description of the property says that it is “set in a popular residential area close to local amenities and shops, with a pharmacy and grocery store directly opposite the apartment”.
It also marks out the benefits of its location for an easy commute to Grimsby and Cleethorpes town centres, and easy connection to the A180.
The Evening Standard reports the average price of a one-bedroom flat in London peaked in 2020 at more than £320,000 but has fallen back to around £280,000.
Prices for flats in London, including those with more than one bedroom, hovered around an average of an eye-watering £569,405 in 2023, according to data from RightMove.
In contrast the average house price for Grimsby was £144,966 over the last year.
The Lincolnshire town on the mouth of the Humber estuary has a population of over 86,000 and is famous for its fishing industry, having once been home to the world’s largest commerical fishing fleet.
The local economy suffered during the Cod Wars with Iceland for fishing rights during the late 20th century. The dispute ended with the European Union siding with Iceland and reducing the area the UK fishing fleet could operate in.
Despite decline caused by the Cod Wars, Grimsby still processes more than 70 percent of the UK’s fish.
