The studio is located in Ealing, West London (Picture: Hunters/Rightmove)

You’d be hard pressed to find a home in London for less than £300,000, and the current average sale price in the capital now sits at £523,666.

As such, this Ealing property is a steal at £160,000 – but you don’t get much for your money.

The ground floor studio flat measures up at just under 21.5 square metres, comprising a single kitchen/diner/bedroom, a small WC and a separate shower room.

It also has just one window, with a single bare bulb lighting the 3.5 metre-wide main room.

If the apartment was built today, it’d fall about a third short of the minimum size mandated for new dwellings. However, as it’s an existence residence, it manages to bypass the regulations.

The sale is open to cash buyers only, both because it’s to be auctioned and due to its diminutive dimensions, which may make it hard for the winning bidder to secure a mortgage.

A tenant currently lives in the flat (Picture: Hunters/Rightmove)

Since a tenant rents the flat at present, agent Hunters claim it’s of particular interest to buy-to-let investors.

The current resident has arranged the space with a bed and wardrobe on one side and a living room setup, with two armchairs, a TV table, and a coffee table, on the other.

Images of the kitchen area show an oven with hob, a washing machine, and what the listing (with a big helping of poetic license) describes as a ‘breakfast bar’. There’s enough room on the countertop for a microwave and utensils, as well as cupboards in the upper and lower units.

The toilet and bathroom sink then sit off the entryway, while a separate shower room is accessible through a door in the main room.

There’s not much room – just one, to be exact (Picture: Hunters/Rightmove)

Ivanka Koleda, sales negotiator at Hunters, told Evening Standard, the home ‘would suit a single young professional.’

He added: ‘It is in a good location, just five minutes’ walk from the Tube, it needs renovation but could then achieve rent of up to £1,300 per month.’

It’s enough to make you despair, or perhaps laugh if you live north of the M25.

The location is a draw, though, close to Ealing Broadway which is served by the Central and Metropolitan underground lines, and with a range of amenities like shops, pubs and restaurants on the doorstep.

Nearby properties have sold for upwards of £1 million in the last year, while the asking price for this flat appears to be the same as the last time it was on the market back in 2008.

So although it’s far from spacious (and, yes, we know you could get a mansion up north for the same price) it might be a workaround to get on that first rung of the property ladder – especially for a hardcore minimalist without many possessions.

The studio, which has 110 years left on the lease, will be auctioned with a guide price of £160,000 by Hunters. Check out the listing and enquire to view here.

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Cheap, but not at all cheerful.